St Modwen, the property company with major interests in Brighton, has reported strong growth for the six months to May 31.

The company, which is based in Birmingham, runs Brighton Race Course, and is in line to redevelop the former bakery and furniture factory in Woodingdean.

It is also the private sector partner involved in the restoration of the West Pier.

Pre-tax profits for the period were £9.4 million, a fall of more than £3 million for the same period last year which included a one-off deal with the sale of a call centre to Egg.

Turnover for the six months stood at £40 million.

The company is headed by entrepreneur Stan Clarke, a man who believes in getting things done rather than waiting for them to happen.

He said St Modwen had already invested £3 million in Brighton Race Course but its plans were long-term and the full investment programme was for a ten-year period.

He said: "We are delighted to be involved in Brighton and the progress we have made can be measured in the way the course has been able to maintain its sponsors and the exhibitions it has attracted.

"Owners and trainers are also pleased with the way the course is developing and are coming back more frequently."

He added despite a number of property companies choosing to leave the stock market, St Modwen was fully committed to maintaining its listing.

He said: "The company derives benefit from being a public company in terms of the disciplines we adopt and from the way in which we are perceived by local authorities, landowners, joint-venture partner and the market place."

Earnings per share were 5.2p and the dividend will be 1.4p.