News Archive

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 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


* 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.”


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)