St. Modwen Properties PLC, the UK’s leading regeneration specialist, announces
annual results for the year ended 30th November 2008.
• Trading profit of £8.2m (2007: £50.9m)
• Net assets per share decline of 14% to 333p per share since 30th November 2007 (387p)
• Impact of property revaluations mitigated by £64.8m (54p per share) of added value actions
• Compliant with banking covenants and forecast to remain compliant throughout 2009
• All major banking facilities secured through to 2011
• Continued success in adding new schemes to the hopper
• Good progress in marshalling projects for future delivery
Anthony Glossop, Chairman, comments:
“Market confidence in the underlying strength of our business and in our reputation as the UK’s leading regeneration specialist was further underlined this year by our continued selection as preferred developer on major sites across the country, including BP’s 2,500 acre portfolio of disused sites.
“We continue to transact a steady flow of business, and since 30 November 2008, we have agreed forward sales or the disposal of pre-let properties with a value of some £90m, and have rent roll increases, completed or in solicitors’ hands, of £4.9m (£2.6m net of vacations and tenant failures).
“Despite the very difficult current economic environment our confidence in the longer-term is undiminished. The market for residential land will eventually return and investment yields will stabilise as the benefits from lower interest rates are realised. When this occurs, the company’s 5,000 acre hopper and experienced management team will provide an exceptional foundation for a return to growth.”
27 February 2009