St Modwen Homes has reported a 49% increase in profits for 2016, contributing £15.3 million to the group’s residential profits of £27.1 million and overall profit before tax of £60.8 million. The firm completed 485 units in the year, up from 315 in 2015. A jv with Persimmon delivered 402 units (652 in 2015). Overall average sales rate was 0.8 …