St Modwen announces £121m loss

摘要

FTSE 250-listed developer St Modwen recorded a pre-tax loss of £120.8m for its most recent financial year. The company attributed the bulk of its year-end losses to the COVID crisis citing 10 weeks of lost productivity in spring 2020 followed by a period of reduced productivity on site. This led to the sale of only 948 homes during the year, down from 1,060 in 2019. The firm managed to post a profit of £l3.7m in the second half of the year ending 30 November 2020, arresting the £134.5m loss it reported in July for the first half of 2020. Completions in its logistics business rose despite a temporary pause in new developments last March, to reach 1.2 million square feet compared with 0.9 million a year earlier. The final tally fell below expectations set a year ago, however, when the firm's pre-crisis goal was to deliver between 1.5 million and 1.7 million square feet in 2020. The goal for 2021 has been set at 1.5 million square feet of new space, and the company said it has a committed pipeline of 1.6 million square feet.