St. Modwen Properties PLC, the UK’s leading regeneration specialist, announces annual results for the year ended 30th November 2009.
• Business refinanced with issue of £101.6m of new equity
• Renegotiated and improved banking covenants
• Positive operational cashflow, including £101m from property disposals
• Trading profit of £8.4m* (2008: £19.5m)
• Net assets of 200p per share (2008: 251p**), a decline of 20%** in the year (4% in the second half).
• Hopper increased by 12% to 5,600 developable acres with strong flow of new planning consents
*Trading profit – excludes non-cash items such as revaluations and mark-to-market adjustments. The statutory loss for the year was £101.7m (2008: £50.7m).
**(adjusted for equity issue in the year)
Anthony Glossop, Chairman, comments:
“Property market prospects still remain uncertain. The economy may be slowlyemerging from recession, but business confidence remains fragile, with continued pressure on rents and occupancy levels.
“However, St Modwen is well prepared for such conditions: our financial position is sound; our business model will increasingly create value; and we are in a good position to seize attractive opportunities to add further to the Hopper.
“As yet our portfolio has not seen the resurgence in values experienced in other parts of the property market. But nevertheless I believe that we are now beginning to see important signs of improvement.
“I am confident that 2010 will see the company returning to growth in profits and NAV.”
8th February 2010