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21st July 2003

Interim results for the six months ended 31st May 2003

"We anticipate record full-year results for the eleventh consecutive year "
St Modwen Properties PLC, the regeneration specialist, today announces its interim results for the six months ended 31 May 2003.
Highlights include:

* Interim profits before tax increased 23% to £17.9m (2002: £14.5m)
* Earnings per share up 20% to 10.1p (2002--: 8.4p)
* Dividend increase of 16% to 2.2p per ordinary share (2002: 1.9p)
* Net assets per share increased by 17% to 167.9p (2002: 143.4p)
* 45% increase in gross rent receivable reflecting last year’s acquisitions
* Property development and disposal profits up 12% to £12.2m (2002: £10.9m)
* Hopper of future opportunities now at highest ever level:

ÿ £113m Alstom portfolio of 19 properties acquired last December
ÿ a further 285 acres of brownfield land acquired in first half
Commenting on the results, Sir Stanley Clarke, Chairman of St. Modwen, said:

“I am pleased to state that this strong start to 2003 provides us with the confidence to anticipate record full-year results for the eleventh consecutive year.

“We remain on course to grow in line with the long-term objective of doubling the net worth of the company every five years.”

For further information please contact:
St. Modwen Properties PLC
Anthony Glossop, Deputy Chairman & Chief Executive
Bill Oliver, Managing Director
Tim Haywood, Finance Director On 21 July - 020 7067 0700
thereafter - 0121 456 2800


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