SMP.L Share News (SMP)

St Modwen Properties has continued to make progress across the business since the end of September and expects healthy year-on-year growth in profit, property valuations and net asset values for 2010, in line with forecasts.The gross rent roll is up over 6% to £46m per annum, rental levels have been maintained and voids across the portfolio are down to 12% from 19% in November 2009. There are signs of increased activity in the residential land sector and more than 70% of the firm's residential portfolio (20,000 plots) is either secured with planning permission or allocated within local plans. It's still uncertain in the commercial market, but the development portfolio continues to grow, the group says.Renewal dates for most of its existing bank facilities have been extended to 2014/15, and the earliest significant maturity date is now September 2012."The outlook for St. Modwen remains positive, both in terms of profit and net asset value growth," chief executive Bill Oliver said."We continue to capitalise on our ability to actively manage and progress our development projects across the UK. This and our strong forward position of pre-lets and pre-sales gives us confidence in our future growth."