The property developer behind a bid to restore the West Pier has posted its 11th year of profits.
St Modwen recorded a 17 per cent rise in pre-tax profits to £35 million and buoyed investors by revealing a strong start to the current financial year.
The Birmingham-based group said property deals had already added profits of more than £20 million to its balance sheet.
The company's bid to redevelop the crumbling pier has stalled following the loss of £14 million of lottery money last month.
But it is still the preferred developer of the West Pier Trust, which is trying to persuade the Heritage Lottery Fund to reconsider.
Tuesday February 17, 2004
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