Wembley regeneration firm 'confident' of economic recovery (From Harrow Times)

Wembley regeneration firm 'confident' of economic recovery

3:29pm Monday 8th February 2010 in

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THE firm responsible for the regeneration of Wembley town centre is in a “sound” financial position, despite posting pre-tax losses of £119.4m for the year to November 30.

Developer St Modwen endured a difficult last year owing to a drop off in activity and revaluation of land, and today revealed its pre-tax losses went up by £73.1m on the previous year.

The firm is currently working on the regeneration of Wembley town centre, comprising of shops, offices, new homes and a public square off High Road.

However, despite its financial strains, Anthony Glossop, the firm's chairman, said today he is “confident” it would return to a growth in profits this year.

He said: “The economy may be slowly emerging from recession, but business confidence remains fragile, with continued pressure on rents and occupancy levels.

“However, St Modwen is well prepared for such conditions: our financial position is sound; our business model will increasingly create value; and we are in a good position to seize attractive opportunities.”

Mr Glossop added the firm's portfolio of property has not yet seen a significant rise in value, but he remains confident the situation will improve in the near future.