|Non-statutory measures||2016||2015||Note ref.||Statutory measures||2016||2015|
|EPRA NAV per share (p)
Total accounting return (%)
Profit before all tax (£m)
Trading profit (£m)
|NAV per share (p)
Total dividend per share (p)
Profit before tax (£m)
Earnings per share (p)
Reconciliations between all the statutory and non-statutory measures and the explanations as to why the non-statutory measures give valuable further insight into the Group’s performance are given in Note 2 to the Group Financial Statements. In particular, profit before all tax is used because it reflects the way the Group is run on a proportionally consolidated basis, and because it also removes the taxation effects on equity accounted entities from the statutory profit before tax figure.
- EPRA NAV per share up 3.2% to 460.5 pence (2015: 446.4 pence) and NAV per share up 4.2% to 431.0 pence from 413.5 pence.
- Total accounting return of 4.5% (2015: 31.9%).
- Trading profit of £56.1m (2015: £63.3m), demonstrating strength of underlying business.
- Profit before all tax of £60.8m (2015: £258.4m).
- Earnings per share of 24.1 pence (2015: 97.9 pence).
- Total dividend for the year increased by 4.3% to 6.00 pence per share (2015: 5.75 pence per share).
- Balanced and diversified portfolio is well positioned for growth across residential and commercial markets:
- resilient regional commercial portfolio delivered approximately 800,000 sq ft of commercial space in 2016 and near term development pipeline now stands at 1.6m sq ft, with further potential for long-term value creation; and
- strong performance from the residential business with operating profits of £27.1m (2015: £26.7m), supported by excellent progress from St. Modwen Homes achieving 49% growth in profits.
- Good progress with major projects:
- Nine Elms Square, New Covent Garden Market, London – Whilst there is no guarantee of any transaction completing, now in exclusive negotiations with prospective purchaser at a level firmly supportive of book value.
- Bay Campus, Swansea University – Currently assessing our options with respect to our student accommodation assets, comprising over 2,000 student rooms.
- Longbridge, Birmingham – Latest phase of the town centre now complete and let and St. Modwen Homes now progressing works to new phase of housing. Continuous stream of other activity advancing on site, including the 180 bedroom facility for staff at the Royal Centre for Defence Medicine.
Strategy and portfolio review
- Large, diverse land bank, unrivalled track record and expertise, and robust balance sheet underpin long-term opportunity.
- Following the appointment of Mark Allan as Chief Executive, review of portfolio and business strategy now underway.
- Outcomes to be communicated early summer 2017.
Mark Allan, Chief Executive of St. Modwen, commented:
“Active commercial property development and asset management, coupled with a strongly performing and growing residential arm, contributed to another good year for St. Modwen. This is despite the turbulent market backdrop during 2016.
“Following my recent arrival as Chief Executive, we have commenced a review of what I already believe is a fundamentally strong business and portfolio to determine our strategy moving forward. We unquestionably have an opportunity to build on our existing strengths while ensuring that our activities are focused in the optimum way and I am excited about the prospects ahead.”
St. Modwen Properties PLC
Mark Allan, Chief Executive Tel: 0121 222 9400
Rob Hudson, Group Finance Director www.stmodwen.co.uk
Charlotte McCarthy, Head of PR and Communications
Dido Laurimore Tel: 020 3727 1000
Tom Gough email@example.com
A presentation for analysts and investors will be held at 9.00am today at FTI Consulting, 200 Aldersgate, Aldersgate Street, London, EC1A 4HD.
If you would like to attend please contact Ellie Sweeney at FTI on +44 (0)20 3727 1622 or firstname.lastname@example.org. A live webcast of the presentation will be available here and presentation slides will also be available to download.
Alternatively, details for the live dial-in facility are as follows:
|Participants:||Tel: +44(0)20 3059 8125|
While the financial information included in this announcement has been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRSs), this announcement does not itself contain sufficient information to comply with IFRSs. The Company expects to publish full financial statements that comply with IFRSs by the end of February 2017.
This announcement contains certain forward looking statements which, by their nature, involve risk and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward looking statements. Any forward looking statements made by or on behalf of the Company are made in good faith based on the information available at the time the statement is made; no representation or warranty is given in relation to them, including as to their completeness or accuracy or the basis on which they were prepared. The Company does not undertake to update forward looking statements to reflect any changes in its expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. Nothing in this announcement should be construed as a profit forecast.