30th June 2015
HALF YEAR RESULTS FOR THE SIX MONTHS TO 31 MAY 2015
St. Modwen Properties PLC (LSE: SMP), the UK's leading regeneration specialist, announces its half year results for the six months to 31st May 2015.
- 306% increase in profit before all tax to £203.1m (H1 2014: £50.0m)
- 21% increase in NAV per share to 394p (Nov 2014: 325p) and EPRA NAV per share up 25% to 427p (Nov 2014: 342p)
- Earnings per share up 281% to 75.4p (H1 2014: 19.8p)
- Initial recognition of New Covent Garden Market (NCGM) contributes £128.0m to net valuation increase of £170.2m (H1 2014: £33.7m)
- Realised property profits of £41.3m (H1 2014: £19.1m)
- 30% increase in interim dividend to 1.9p per share (2014: 1.463p per share)
- Major projects reaching significant milestones:
NCGM – unconditional status achieved on 57-acre Nine Elms site in April 2015, with project now included on balance sheet Swansea University, Bay Campus – initial development phases on schedule to complete, ready to welcome first students in September 2015 Longbridge – 150,000 sq ft Marks & Spencer store on track to open in November 2015
- Commercial property development pipeline delivers strong flow of profits
- Continued activity across the residential market, with good sales rates achieved across the Persimmon joint venture and for St. Modwen Homes, with continued housebuilder appetite for residential land
Bill Oliver, Chief Executive, St. Modwen 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 £1.5bn property portfolio, delivering maximum returns for the business and for our shareholders."
St. Modwen Properties PLC
Bill Oliver, Chief Executive
Andy Taylor, Acting Group Finance Director
Charlotte McCarthy, Head of PR and Communications
Tel: 0121 222 9400
Tel: 020 3727 1000
As the Group utilises a number of joint venture arrangements, additional disclosures are provided to give a better understanding of our business. These include information on the Group including its share of joint ventures together with non-statutory measures such as trading profit and profit before all tax. A full reconciliation of such measures is provided in Note 2 to the Condensed Financial Statements.
A presentation for analysts and investors will be held at 9.30am today at the offices of
FTI Consulting, 200 Aldersgate, Aldersgate Street, London EC1A 4HD. If you would like to attend, please contact Jenni Nkomo at FTI on +44 (0)20 3727 1000
Alternatively, the dial-in details are as follows:
Participants, Local - London, United Kingdom:
All other locations:
020 3059 8125
+44 20 3059 8125
Webcast Link: click here
Back to news