7th February 2012
Results announcement 2011
ST. MODWEN DELIVERS STRONG RESULTS WITH 34% INCREASE IN PROFIT BEFORE TAX AND NAV RISE OF 9%
- Profit before tax up 34% to £50.4m (2010: £37.5m).
- Shareholders’ NAV up 9% to 232p per share (2010: 213p per share), and EPRA NAV up 9% to 250p per share (2010: 229p per share).
- Realised property profits up 9% to £23.8m (2010: £21.9m)
- Net rents up 5% to £35.5m. (2010: £33.7m).
- Valuation gains of £34m (2010: £23m) in a flat market, of which £33m (2010: £18m) of these gains were driven by active management and planning gain.
- Gearing at year end of 73% (2010: 72%). All corporate on-balance sheet facilities extended until at least 2014.
- Terms agreed for new five year debt facilities on KPI joint venture.
- Dividends for the year increased 10% to 3.3p per share.
- Secure development programme for 2012 with commercial developments already on site to deliver in excess of £15m profit in 2012.
- Positive outlook for residential land with good levels of housing sales already achieved and strong on-going demand.
- Excellent relationship with principal partners Persimmon, Vinci and Salhia: well placed to deliver growing returns in 2012 and beyond.
- Substantial future pipeline in place, with significant opportunities emerging at:
- - Elephant & Castle
- - Swansea University
- - Longbridge
- - Project MoDEL
Bill Oliver, Chief Executive of St.Modwen, commented:
“We have had a very successful year despite the challenges posed by the market conditions, significantly growing profits and completing transactions across the portfolio, and we have the foundations in place to deliver very good results in 2012. Our commercial developments in progress together with our active housebuilding sites will deliver property profits to underpin our results for 2012 and beyond. We can also see clear opportunities to add value to our assets through the planning process and our active management of our income producing portfolio is producing a resilient income stream. Although the wider economic environment remains unpredictable and there may still be
further challenges for the sector we are confident that our asset portfolio and development pipeline will provide us with many opportunities to add significant value for our shareholders.”
St. Modwen Properties PLC
Tel: 0121 222 9400
Bill Oliver, Chief Executive
Michael Dunn, Group Finance Director
Menna Rees-Steer, PR Manager
Tel: 020 7831 3113
A presentation for analysts and investors will be held at 9.30am today at the offices of FTI Consulting, Holborn Gate, 26 Southampton Buildings, London, WC2A 1PB. If you would like to attend, please contact Will Henderson at FTI +44 (0)20 7269 7238 direct / +44 (0)7930 371 924 mobile or Will.Henderson@fticonsulting.com
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