THE company behind the Glan Llyn housing and business development in Newport in Newport has announced an increase in half year profits of 306 per cent.

St Modwen Properties PLC (LSE: SMP), the UK’s leading regeneration specialist, announces its half year results for the six months to 31st May 31 2015 which revealed they had risen to £203.1m.

The company which is creating the major housing development in the outskirts of Newport is also behind the new Swansea University Bay Campus.

And it has revealed it is about to start work on the first of its business units at the 100-acre Celtic business Park within the Glan Llyn development.

Rupert Joseland, South Wales regional director for St. Modwen, added:“We have continued to see a steady upturn in both the residential and commercial sectors in South Wales as market confidence continues to improve in line with other areas across the UK. Our commercial property valuations and yields are up, as well as profit margins for our residential brand, St Modwen Homes, which made its Wales debut last year at Glan Llyn in Newport.

“The initial phases of the £450m Swansea University, Bay Campus, are almost complete as we count down to welcoming the first students this September. The new campus comprises 1,000,000 sq ft of academic buildings and accommodation for over 1,450 students, with direct access to the beach. Our new facilities management brand, St. Modwen Student Living, has also secured the contract to fully manage and service the student accommodation and associated amenities.

“On the residential side, our housebuilding brand, St. Modwen Homes, is making good progress in the Welsh market with 47 new homes under way, and 90 more in the pipeline, at our £1bn community, Glan Llyn, in Newport. We expect to start building a further 79 new homes further down the M4 at Coed Darcy later this year and have submitted a planning application to build around 300 new homes at our Hendrefoilan development in Swansea.

“On the commercial side of the business, start of work on the first speculative 50,000 sq ft unit at the 100 acre Celtic Business Park within the Glan Llyn development, is now under way as well as a major new access road into the Business Park." We They have also submitted a planning application to increase their working 30-acre solar park at Baglan Bay with an additional 40,000 solar panels.

which in time would provide enough renewable clean energy to power over 2,000 homes and commercial developments across South Wales.”