Preliminary Results for the Year Ended 30 November 1999 Ì¢‰â‰ÛÏ Fifth Successive Record Year
* Profit before tax increased by 19% to £18.5 million (1998: £15.6 million)
* Earnings per share up 21% to 11.1p (1998: 9.2p)
* Net assets per share increased by 22% to 100.1p (1998: 81.8p) – more than doubled since 1994
* Total dividend per share up 15% to 3.8p (1998: 3.3p) – more than doubled since 1994
* £13m (8%) increase in property revaluation as a result of active portfolio management
* Regional policy continues to reap rewards
* Partnership business expands
* Bill Oliver appointed as Finance Director
Regeneration:
Regeneration strategy producing excellent results:
* Prudential Banking’s “Egg” call Centre at Derby
* Trentham Lakes, Stoke – a major development opportunity which has also attracted a call centre for HSBC and a leisure complex for Greens Leisure in 1999
* Edmonton Green, Enfield – substantial shopping centre acquired for redevelopment
* Brownfield land housing sites
Partnerships:
* Key Property Investments develops Farnborough masterplan
* Joint venture with Cranfield University – further phase planned
* Widnes town centre to be redeveloped in joint venture with Halton Borough Council
* Edmonton Green – a joint venture with Enfield Council
Adding Value:
* Larger landbank than ever before – totalling some 520 hectares of potential residential and employment land
* 8% increase in rent roll to £23.8m
* Vigorous disposal of smaller/mature investment properties – 19 sold raising £16m
Commenting on the results, Stan Clarke, Chairman of St. Modwen, said:
“I am pleased to report another record year for the Company. We have an excellent portfolio of investment properties and development opportunities, a larger land bank than at any time and a stronger team to take advantage of those assets. I look forward to continued progress in both the present year and the longer term.”
Enquiries:
St. Modwen Properties PLC (0121 456 2800)
Stan Clarke – Chairman
Anthony Glossop – Deputy Chairman, Chief Executive
Bill Oliver – Finance Director
Richard Froggatt – Executive Director
Ludgate Communications Ltd.
Reg Hoare, Alex Brog (0171 253 2252)
