Interim Results for the Six Months Ended 31st May 2000

* Strong current trading – on track for record year-end profits

* Development profits completed or in the pipeline exceed the total for the 1999 financial year

* Continued success in the acquisition of development opportunities

* Committed to remaining a listed company

* Interim pre-tax profits of £9.4m (1999: £12.9m)

* Dividend increase of 17% to 1.4p (1999: 1.2p)

* Net assets per share increased to 104p (1999: 88p)

Commenting on the results, Stan Clarke, Chairman of St. Modwen, said:

“We have continued to be successful in acquiring land and development opportunities.

The development profits we have already booked, together with those in the pipeline for the remainder of the year, give us the confidence that we will report record results for the ninth consecutive year.

“Despite a number of our fellow property companies choosing to leave the Stock Market we are fully committed to St. Modwen maintaining its listing. The company derives benefit from being a public company in terms of the disciplines we adopt and from the way in which we are perceived by local authorities, landowners, joint-venture partners and the market place”.