Annual Results for the Year Ended 30th November 2014


Financial highlights

  • 68% increase in profit before all tax to £138.1m (2013: £82.2m)
  • Shareholders’ NAV per share up 17% to 324.9p (2013: 278.8p), and EPRA NAV per share up 16% to 344.2p (2013: 297.7p)
  • Earnings per share up 57% to 52.7p (2013: 33.5p)
  • Property profits up 45% to £57.7m (2013: £39.8m)
  • Debt portfolio fully refinanced with earliest maturity now 2018 and successful launch of £100m convertible bond
  • Total dividend for the year increased by 15% to 4.6p per share (2013: 4.0p per share)

Operational highlights

  • Overall valuation increase of £90m (2013: £42m), comprising gains of £32m (2013: £28m) as a result of planning and asset management initiatives and £58m market-driven valuation gain (2013: £14m)
  • Significant milestones completed across all major projects:
  • New Covent Garden Market – a resolution to grant planning was received in November 2014, unconditional status is targeted in the first half of 2015
  • Longbridge, Birmingham – excellent progress has been made across the scheme with construction of the Marks & Spencer 150,000 sq ft new flagship store now well underway and on schedule to complete in time for Christmas 2015 trading
  • Bay Campus, Swansea University – signed a Development Agreement with the University for an additional 545 student apartments and new student facilities. Forward sold 50% of the apartments to M&G Investments for the M&G Secured Property Income Fund for £20m
  • Housebuilding activities delivered a 167% increase in residential profits to £24m (2013: £9m)

Bill Oliver, Chief Executive of St. Modwen, commented:

“This has been an exceptional year for St. Modwen and we have achieved significant progress across all of our major projects as well as increasing our active pipeline of commercial development opportunities to over 3m sq ft of space. The residential part of the business continues to perform well with good sales rates achieved throughout the year and we anticipate a sustained performance into 2015.

“Across the UK, we continued to grow the business, capitalising on the upturn in the regional property market and we look forward to continuing this level of success throughout the coming year.”


St. Modwen Properties PLC
Bill Oliver, Chief Executive
Michael Dunn, Group Finance Director
Charlotte McCarthy, Head of PR and Communications

Tel: 0121 222 9400

FTI Consulting

Dido Laurimore
Nick Taylor
Ellie Sweeney

Tel: 020 3727 1000

A presentation for analysts and investors will be held at 9.30am today at the offices of FTI Consulting, 200 Aldersgate, Aldersgate Street, London EC1A 4HD. If you would like to attend, please contact Kirsty Allan at FTI +44 (0)20 3727 1015 or

A live webcast of the presentation will be available at and presentation slides will also be available to download.

Alternatively, details for the live dial-in facility are as follows:

Participants: Tel: +44(0)20 3059 8125
Passcode: St. Modwen