St. Modwen Properties up after update

The price of shares in FTSE 250 housebuilder St. Modwen Properties (LON:SMP) rose by 3.93% to 396.50p (as of 13:30 BST) after posting a trading update. Sales for the period up to 30th November were down by 10.5% but management said that this was mostly due to the period during the spring when all activity ceased.

CEO Sarwjit Sambhi commented: “St. Modwen has delivered strong operational results in 2020 and our underlying performance has been in line with the Board’s expectations. I would like to take this opportunity to thank all my St. Modwen colleagues and our partners for delivering this performance, under extraordinary circumstances. While the near-term economic outlook remains uncertain, momentum has continued to build, so with a strong forward order book in housebuilding, sustained demand for industrial and logistics space and a solid capital base, St. Modwen is well positioned going into 2021. I look forward to updating the market further at our full year results presentation in February.”