St Modwen reports Record-Breaking 306% rise in Half Year Profits

Posted on 30 June, 2015 by Neil Bird

Regeneration specialist St Modwen Properties has announced a huge 306 per cent rise in profits for the six months to May 31 2015.

ID:85193153

The increase takes profits before tax to £203.1 million, in comparison to £50 million for the corresponding period in 2014.

The group also reports a 21 per cent increase in NAV per share to 394p and a 25 per cent increase in EPRA NAV per share to 427p. Earnings per share rose by 281 per cent to 75.4p, compared with 19.8p in the first half of last year.

The interim dividend is confirmed at 1.9p per share, a 30 per cent increase on 2014, and realised property profits for H1 stand at £41.3 million.

The performance has been helped by significant milestones being reached in a number of projects, including the unconditional status achieved on the 57 acre New Covent Garden Market site on London’s South Bank in April.

Overall St Modwen’s commercial property development pipeline has delivered a strong flow of profits, with major schemes in Swansea and Longbridge also included on the balance sheet.

The group has also enjoyed an impressive year in the residential sector, with good sales achieved and continued housebuilder appetite for residential land.

Commenting on the performance, Chief Executive, Bill Oliver said: “These record-breaking results are underpinned by the growth in the UK property sector and are testament to our continued belief in the regional marketplace and our long-term approach to regeneration as a whole.

“They are positively supported by our three major projects reaching significant milestones in the period. Most notably the New Covent Garden Market site in Nine Elms, London reached unconditional status in April.

“We continue to increase our levels of both residential and commercial development and to add further value to our major projects and our broader £1.5 billion property portfolio, delivering maximum returns for the business and for our shareholders.”




Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.


Recent Posts

Interest Rates Impact on Commercial Property

Commercial Property Investment Outlook for 2023

The best places to stay on the Riviera

The latest property data has identified Newquay as the fastest property seller’s market in the UK

Investing in your garden can increase your property’s value

French Riviera temping high-end homebuyers

How can the ownership rights of my commercial property impact a business sale?

Should I incorporate virtual property viewings permanently?

Investment expected to increase across Asia-Pacific in 2021

UK property industry slows as the conclusion of tax break looms

BNP Paribas cautioned investors on Friday as debt-trading bonanza that increased its earnings this past year

Over 300,000 property purchases fell through in 2020 – we show the most frequent motives and the best way to get your house sale back on track

House Prices in the Capital Surpass £500,000

Optimism from the Bank of England’s chief economist

The most expensive commercial properties.

Businesses operating from shared premises will miss out on grants