Preliminary results for the year ended 30th November 2007

St. Modwen Properties PLC, the UK’s leading regeneration specialist, announces record results for the fifteenth successive year.

HIGHLIGHTS

•Profit before tax increased by 3% to £100.1m (2006: £96.9m)

•Earnings per share up 19% to 73.3p (2006: 61.6p)

•Net assets per share increased by 20% to 387p since 30th November 2006 (323p) and by 7% in the second half of the year (31st May 2007: 361p)

•Proposed final dividend of 7.8p per share (2006: 6.8p) increasing total dividends for the year by 15% to 11.7p (2006: 10.2p)

•All banking facilities secured through to 2011

•Strong progress in marshalling projects for future delivery

Anthony Glossop, Chairman, comments:

“The success in achieving a significant increase in realised property profits and valuation uplifts arising from asset management and planning activities more than compensated for the valuation reductions arising from the correction in investment property yields which we suffered in the second half.

“There will undoubtedly be some further deterioration in the market value of investment properties, particularly in the first half of 2008, and we cannot be immune from the effects of that. However, we are planning that overall the year will see growth in the company’s net asset value, albeit at a lower level than in the recent past, and we would expect to maintain our recent pattern of dividend growth.”

11th February 2008

ENQUIRIES:

St. Modwen Properties PLC

Anthony Glossop, Chairman
Bill Oliver, Chief Executive
Tim Haywood, Finance Director

www.stmodwen.co.uk

On 11 February – 020 7457 2020
thereafter – 0121 222 9400
College Hill
Gareth David www.collegehill.com
020 7457 2020

A presentation for analysts and investors was held at 9.30am today at College Hill, The Registry, Royal Mint Court, London EC3N 4QN