News Archive

St. Modwen Properties PLC Preliminary results for the year ended 30 November 2003 “Eleventh successive year of record results”

St. Modwen Properties PLC, the regeneration specialist, is pleased to announce its results for the year ended 30 November 2003.


* Profit before tax increased by 17% to £35.0m (2002: £30m)

* Earnings per share up 18% to 20.1p (2002: 17.1p)

* Net assets per share increased by 16% to 186.0p (2002: 160.9p)

* Total dividend per share of 6.6p (2002: 5.7p), an increase of 16%

* Investment portfolio valuation increased by 4% largely due to added value through refurbishments, new lettings and rent reviews

* Strong performance from development activities reflecting buoyant demand in distribution, retail and residential sectors

* Hopper of future opportunities at record levels:

– Major acquisitions include 212 acres at Avonmouth and 228 acres at Longbridge

– Additional development partnerships formed with government bodies and local authorities

* Property profits in excess of £20m on sales already completed in 2004, including disposal of investment in Pubmaster to Punch Taverns

* Sir Stanley Clarke to become non-executive Life President, Anthony Glossop to become Executive Chairman and Bill Oliver to become Chief Executive following forthcoming AGM, confirming previously announced Board succession plans

Commenting on the results, Sir Stanley Clarke, Chairman, said:

“During the year, we boosted the Hopper to record levels and we are marshalling the progress of the major schemes through the planning and pre-construction process to meet our growth targets for this year and beyond. “The Company’s current financial year has started exceptionally well with a total of over £20m of property profits already completed or under contract. “I, therefore, look forward with confidence to St Modwen achieving its twelfth consecutive record year.”

For further information, please contact:

St. Modwen Properties PLC Anthony Glossop, Deputy Chairman & Chief Executive On 16 February – 0207 067 0700 Bill Oliver, Managing Director thereafter – 0121 456 2800 Tim Haywood, Finance Director Weber Shandwick Square Mile 020 7067 0700 Kevin Smith/Katie Hunt