THE company responsible for regenerating Farnworth town centre has posted operating profits of £13.4 million for the first half of the year.

St Modwen is the developer charged with creating a new shopping precinct on the site of the old Farnworth Market — a project that is long overdue.

Yesterday, the firm — which sold the Sunset Business Park, in Kearsley, earlier this year — said it was ‘focused’ on delivering its future projects.

Mark Allan, chief executive of St Modwen, said: “The business continued its resilient performance across the first six months of the year, despite an uncertain market environment, with all parts of the group contributing positively.

“We also concluded our strategy and portfolio review, which has confirmed the significant potential present in our business and pipeline and we are now focused on realising these opportunities in the months and years ahead.”

In February, St Modwen reaffirmed its commitment to the Farnworth project, which had been slated for completion last September but is yet to even start.

The plans for the project, approved in February, 2015, include creating a shopping parade between Brackley Street and King Street.