Interim results for the six months ended 31 May 2005

11 July 2005

Another strong performance

St. Modwen Properties PLC is a property development and investment company concentrating on regeneration. It has four particular areas of specialism: town centre regeneration; partnering industry in its restructuring; renewal of brownfield land; and heritage restoration.

Highlights

Profit before tax of £22.8m, a 3% increase on the exceptional 2004 performance of £22.1m

Earnings per share up 1% to 13.0p (2004: 12.9p)

Interim dividend increased by 16% to 2.9p per share (2004: 2.5p)

Progress on major schemes at Farnborough, Edmonton and Wembley

Strong start to second half: profit of more than £15m already secured
Anthony Glossop, Chairman, comments:
“The trading progress I referred to at our AGM in April has continued. Our development activities are running at record levels, we have successfully acquired several significant sites for future development and are selling completed developments and mature investments well.

“We therefore remain on course to meet our long-term objective of doubling the net worth of the company every five years, and I look forward with confidence to reporting record full year results for the thirteenth consecutive year.”

11 July 2005

Enquiries:
St. Modwen Properties PLC

Anthony Glossop, Chairman
Bill Oliver, Chief Executive
Tim Haywood, Finance Director

College Hill www.collegehill.com
Alex Sandberg/Gareth David 020 7457 2020

A presentation will be held at 11.00am today at College Hill, 78 Cannon Street, London EC4