Results for the year ended 30th November 2010
St. Modwen Properties PLC, the UK’s leading regeneration specialist, announces annual results for the year ended 30th November 2010.
• Net assets per share up by 9% to 218p (2009: 200p), EPRA up 7% to 234p (2009: 219p)
• Profit before tax increased to £37.5m (2009: loss of £119.4m)
• Property profits* increased to £21.9m (2009: £7.6m)
• Rent roll increased by 5% to £46m with voids reduced to 12% (2009: 17%)
• Valuation gains* of £23 million (2009: loss of £122 million)
• Strong pipeline of development opportunities / schemes
• Persimmon joint venture to develop 2,000 houses over seven sites
• Dividends resumed
*including our share of joint ventures and associates as detailed in note 2.
Anthony Glossop, Chairman, comments:
“As we look forward, our financial position is sound; our business model will increasingly create value; our valuations are prudent and our recurring income is robust. We are also in a good position to seize attractive opportunities to add further to the hopper, our regional teams continue to find opportunities to generate value and we are seeing a gradual recovery of liquidity in our key markets.”
Bill Oliver, Chief Executive, comments:
“Looking ahead, we are confident that St. Modwen’s long-established strategy will once again give us the opportunity to provide sector-leading returns to shareholders.
“We have a strong balance sheet and a landbank that is full of latent value. Our development pipeline for 2011 and beyond is strengthening and a number of significant schemes are being marshalled for delivery in future years.
“Our asset management capability is proving invaluable in maintaining occupancy and rent levels, and we are confident that we will be able to continue with the positive progress in this area that we have demonstrated in the past two years.
“As a result, we believe that we are well positioned to deliver profit and net asset value growth in 2011, despite the ongoing uncertain market conditions.”
7th February 2011