St. Modwen posts record results for fourteenth successive year.

St. Modwen Properties PLC is a regeneration specialist which focuses on town centre regeneration; partnering industry in its restructuring; brownfield land renewal; and restoring heritage

Highlights

* Profit before tax increased by 17% to £96.9m (2005: £82.9m)

* Earnings per share up 11% to 61.6p (2005: 55.4p)

* Net assets per share increased by 20% to 323p (2005: 268p)

* Proposed final dividend of 6.8p per share (2005: 5.9p) increasing total dividends for the year by 16% to 10.2p (2005: 8.8p)

* Significant progress in marshalling future major projects

Anthony Glossop, Chairman, comments:

“On the back of our marshalling programme, we move into the present year with a strong, if demanding, target. The present year has started well, but the results will be more second-half orientated than in the past. Overall I would expect it to be a year of continued progress and we remain on track to meet our corporate financial target of doubling net asset value per share every five years. ."

12 February 2006

Enquiries:

St. Modwen Properties PLC

Anthony Glossop, Chairman 020 7457 2020

Bill Oliver, Chief Executive

thereafter – 0121 222 9400

Tim Haywood, Finance Director

College Hill

Gareth David 020 7457 2020

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