St. Modwen Properties PLC is a property development and investment company concentrating on regeneration. It has four particular areas of specialism: town centre regeneration; partnering industry in its restructuring; renewal of brownfield land; and heritage restoration.
* Profit before tax increased by 15% to £40.3m (2003: £35.0m)
* Earnings per share up 24% to 25.0p (2003: 20.1p)
* Net assets per share increased by 20% to 221.4p (2003: 186.0p)
* Total dividend per share of 7.6p (2003: 6.6p), an increase of 15%
* Acquisition of more than 1,600 acres boosts hopper of future opportunities to record levels
Anthony Glossop, Chairman, comments:
“During the year, we increased significantly the scale of our development activities, acquired more than 1,600 acres of land across the UK, and entered into a number of additional development partnerships with government bodies and local authorities. We also expanded our network of regional offices, extending our presence into Yorkshire and the South West.
“The Company’s current financial year has started exceptionally well with a total of over £13m of property profits already completed or under contract. I therefore look forward with confidence to another year of progress for the company.”
St. Modwen Properties PLC
Anthony Glossop, Chairman On 14 February – 020 7457 2020
Bill Oliver, Chief Executive thereafter – 0121 456 2800
Tim Haywood, Finance Director
Alex Sandberg / Gareth David 020 7457 2020