St. Modwen Properties PLC is a regeneration specialist. It has four particular areas of specialism: town centre regeneration; partnering industry in its restructuring; brownfield land renewal; and restoring heritage.
* Profit before tax increased by 15% to £46.3m (2004: £40.3m)
* Earnings per share up 15% to 28.7p (2004: 25.0p)
* Net assets per share increased by 24% to 273.9p (2004: 221.4p)
* Proposed final dividend of 5.9p per share (2004: 5.1p) brings total dividends for the year to 8.8p (2004: 7.6p), an increase of 16%
* Significant progress in marshalling future major projects
Anthony Glossop, Chairman, comments:
"We have once again, had a good start to the year, with transactions already exchanged or completed or agreements for lease exchanged that will provide future investment sales which should give rise to property profits in excess of £16m. The investment property market remains very strong and the occupational market, although variable, offers opportunities for an active developer. The general economic climate is perhaps more uncertain than for some time but nonetheless, I am looking forward with confidence to another year of progress."
February 13, 2006
St Modwen Properties www.st modwen.co.uk
Anthony Glossop, Chairman
Bill Oliver, Chief Executive
Tim Haywood, Finance Director
Gareth David 020 7457 2020
A presentation for analysts will be held at 11.00am today at College Hill, 78 Cannon Street, London EC4