Advertisement

St. Modwen lifts annual NAV

Regeneration specialist St Modwen Properties reported a solid increase in annual net asset value and profit and issued an upbeat outlook for future developments.

Regeneration specialist St Modwen Properties reported a solid increase in annual net asset value and profit and issued an upbeat outlook for future developments.

NAV increased 8% to 251p per share for the year ended November 30th 2012 while EPRA NAV gained 9% to 272p per share.

St Modwen said it was on track to deliver its target of shareholder equity NAV of 300p per share by November 2015.

Advertisement - Article continues below

Pre-tax profit for the year increased to £52.8m from £51.7m the same time a year earlier. Realised property profits were up 22% to £29m.

Net rental income grew to £36.2m from £35.5m and it reported a 12% increase in net trading profit to £25.5m.

The group, which issued £80m in retail bonds, said gearing at the year end reduced to 71% from 73% in 2011.

Chief Executive Bill Oliver Modwen commented: "We have achieved some significant milestones across our portfolio and, in particular, on our major development projects. These achievements underline our growing presence in the London and the South East market while also proving that there are still opportunities in the regions for well-placed and well-priced product."

He added: "We cannot ignore the current upsurge in investor appetite for development activity in London and the South East and the prospects arising across the UK from our residential portfolio. We will therefore focus our attention throughout the coming year on these specific areas in order to drive optimal returns, as well as advancing our larger schemes, including of course the New Covent Garden Market and Swansea University developments."

The final dividend for the year has been increased by 10% to 2.42p per share, giving a total dividend of 3.63p for 2012.

CJ

Advertisement
Advertisement

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

House price crash: UK property prices are falling – so where next?
Property

House price crash: UK property prices are falling – so where next?

With UK property prices falling for the first time in eight years, are we about to see a house price crash? John Stepek looks at what’s behind the sli…
2 Jul 2020
The end of the bond bull market and the return of inflation
Inflation

The end of the bond bull market and the return of inflation

Central bank stimulus, surging post-lockdown demand and the end of the 40-year bond bull market. It all points to inflation, says John Stepek. Here’s …
30 Jun 2020
How “support” and “resistance” can help you spot trading opportunities
Sponsored

How “support” and “resistance” can help you spot trading opportunities

Technical analysis can help traders manage risk and decide where to enter and exit a trade. One simple form of technical analysis is the concept of “s…
6 Jul 2020