The property developer’s sales volumes increased 25% to 1,060 units (2018: 848 units), with volumes more than doubling over the past three years. 

However, St Modwen expects to recognise an exceptional provision for a potential claim related to a historical development project.

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This will likely reduce the net asset value for 2019 by around 8p per share.  

St Modwen is currently sales active on 24 outlets, with plans to open additional sites early in 2020.

Mark Allan, CEO at St Modwen, said: “We have made strong progress on this during the year in each of our three business units and, supported by our solid capital base, we are confident that the continued delivery on this strategy will drive a meaningful improvement in return on capital and earnings over time.”