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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/st-modwen-hails-return-to-profit.jpg"><img class="alignnone size-full" title="St Modwen, which has posted a profit, plans to redeveop the disused Longbridge MG Rover car plant near Birmingham" src="http://londonglossy.com/wp-content/uploads/2011/02/min-st-modwen-hails-return-to-profit.jpg" alt="St Modwen, which has posted a profit, plans to redeveop the disused Longbridge MG Rover car plant near Birmingham"/></a></p>
<p>Regeneration specialist St Modwen has said the residential land market had started to recover as it recorded its first full-year profit in three years.</p>
<p>The firm, which specialises in town centre redevelopment and bringing former-industrial sites back to life, posted pre-tax profits of £37.5 million in the year to November 30, compared to losses of £119.4 million the previous year.</p>
<p>The last time it posted pre-tax profits was in the year to November 2007, before the financial crisis sent the property market into freefall.</p>
<p>The Birmingham-based firm reported a £23 million increase in the value of its properties, as the price of residential land regained some of its value, which it said may reflect the start of a recovery in the market, and the value of commercial land stabilised.</p>
<p>Profits from the sale of property nearly trebled to £21.9 million, while revenues from rents increased 5% to £46 million.</p>
<p>A detailed planning application has now been submitted for a £70 million regeneration of Longbridge town centre near Birmingham, it also announced.</p>
<p>The application includes plans for a supermarket, retail park and restaurants and 40 apartments and will form a focal point for the overall £1 billion regeneration of the former MG Rover car plant at Longbridge.</p>
<p>St Modwen, which said it has a strong landbank, also announced that it bought land from UK Coal at Pelsall in Walsall and Castle Gresley in Derbyshire.</p>
<p>It is also taking part in a joint-venture to develop 2,000 homes over seven sites with homebuilder Persimmon.</p>
<p>Shares in St Modwen are up 3% following the results, which Chris Millington, an analyst at Numis Securities, described as &#8220;a solid performance against a difficult market backdrop&#8221;.</p>
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