St. Modwen Properties PLC, the UK’s leading regeneration specialist, announces continued progress in uncertain market conditions.

HIGHLIGHTS

* Loss before tax of £20.0m (2007: £65.1m profit) after net revaluation write-down of £31.8m
* Net assets per share reduced in the period by 4% to 371p (30th November 2007 – 387p)
* Interim dividend maintained at 3.9p per share
* Asset management gains of £27.0m contributed to mitigating revaluation write down
* Strong progress in marshalling projects for future delivery
* Completed acquisition from BP of 1,000 acre former oil refinery at Llandarcy, near Neath and planning consent obtained for 4,000 homes and 0.5 million sq ft employment space on the site.

Anthony Glossop, Chairman, reporting on the period said:

“Future market conditions remain uncertain, and macro-economic signals continue to deteriorate. However, our confidence in the longer-term remains undiminished. Our hopper is at record levels, our team has never been stronger, and the planning process, whilst cumbersome, is delivering the permissions we require for our future success.