- St. Modwen Properties' Homes division has seen sales grow by approximately 43% this year to 694.

It said the associated growth in profits is expected to at least offset the lower profits from the Persimmon JV as its activity levels reduce.

It has also sold or agreed for sale 47 acres of land, representing 1,160 units, for proceeds of £58 million.

In the commercial development activity space, the company has been focussing predominantly on its A1 industrial and logistics portfolio where, this year, it has completed approximately 1 million sq ft of speculative, pre-let and pre-sold development.

Over the past six months there has been occupier demand, with the proportion of committed industrial and logistics pipeline being speculatively developed now 59% (May 2017: 73%).

Mark Allan, chief executive, said: "We have continued to advance our new strategic objectives since announcing them in June 2017 and have made solid progress in terms of accelerating delivery and focusing activity towards the higher performing industrial and logistics sector and our St. Modwen Homes business, both of which are experiencing excellent growth.

"At the same time, St. Modwen's diverse portfolio and broader business has continued to perform well, demonstrating resilience and growth, and signalling that the full year results will be in line with expectations."

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