Newly restructured developer St Modwen saw profit fall by 18% on flat revenue in the year to November 2019, despite boosting sales from its new dedicated housing arm.

The drop in profit came after it was forced to write off £18.5m largley due to an outstanding legal claim over a legacy project. The group’s profit for the year after the exceptional costs was £49.5m, down from £60.5m in 2018, on revenue of £429m.

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