But St Modwen was able to point to a number of positives yesterday – including a £6.8m first-half trading profit and a successful £107.4 m share issue. "There is a very important difference between a valuation issue and underlying cash flow and we have, like everyone, a valuation problem," chief executive Bill Oliver said. Another differentiator between St Modwen and some of its peers was that it owns sites that benefit from value-boosting planning permission. The company has also maintained a strong rent roll.