THE company behind the £1 billion regeneration of the Llanwern Steelworks in Newport has made a £34.9 million profit for the first half of this year.

St Modwen is leading the regeneration of the 600-acre site called Glan Llyn.

The firm announced this week its financial results from December to May which includes a £34.9 million profit before tax.

The 20-year-project at Glan Llyn is expected to provide up to 6,000 new jobs and will have more than 4,000 homes, two schools, a community centre, leisure facilities and Celtic Business Park.

Persimmon Homes is developing the first 307 homes at Glan Llyn and building work on these started last September.

The first 179 Persimmon and 129 Charles Church homes have gone on the market and the first resident moved in at the start of April.

By the end of May, St Modwen had five completions, eight exchanges and four reservations for houses at the site.

Work on opening up the dual carriageway near to the site has now been completed by the Welsh Government.

This provides a new public entrance at the western end of the site with the rest of the road set to be upgraded over the next 18 months and full public access available by the middle of next year.