ST. MODWEN REPORTS 91% INCREASE IN PROFITS TO £258M AND NET ASSET VALUE GROWTH OF 27%
Financial highlights
- 91% increase in profit before all tax to £258.4m* (2014: £135.4m)
- Shareholders’ NAV per share up 27% to 413.5p (2014: 325.1p), and EPRA NAV per share up 30% to 446p (2014: 342p)
- Earnings per share up 82% to 97.9p (2014: 53.8p)
- Property profits up 31% to £67.4m (2014: £51.3m)
- Overall valuation increase of £201.7m (2014: £93.5m) comprising market-driven valuation gain of £35.7m (2014: £57.6m) and gains of £166m (2014: £35.9m) as a result of planning and asset management initiatives which includes a significant contribution from New Covent Garden Market of £127m
- Total dividend for the year increased by 25% to 5.75p per share (2014: 4.6p per share)
Operational highlights
- Significant milestones completed across all major projects:
- New Covent Garden Market – unconditional status achieved during H1 and now reflected in the balance sheet. Interim flower market works are now underway, marking a significant step towards securing vacant possession of the 10-acre Nine Elms Square site
- Longbridge, Birmingham – phase 2 of the Town Centre complete with Marks & Spencer’s 150,000 sq ft new flagship store now trading along with other national retailers
- Bay Campus, Swansea University – new Campus opened in September 2015, welcoming 917 students. Phase 2 opened in January 2016 and Phase 3 to open in 2017
- Commercial property development pipeline continues to deliver strong flow of profits
- Continued growth in residential development profit
Well positioned for continued growth
- Supportive investor market anticipated in 2016 for disposal of mature assets
- Expect steady demand for our residential land with continued growth from St. Modwen Homes
- Continue to replenish 1.6m sq ft commercial development pipeline with new opportunities from existing land bank and through acquisitions
- Positive outlook for continued NAV growth over the next 12 months
*includes £127.4m being the Group share of the gain from initial recognition of New Covent Garden Market
Bill Oliver, Chief Executive of St. Modwen, commented:
“It is extremely pleasing to achieve record profits and growth from a year of excellent delivery across all areas of the portfolio, by type and geography.
“During the year, significant momentum has been created in the Company as a result of us continually restocking our pipeline of residential and commercial development with new opportunities sourced from our existing land bank as well as through new acquisitions.
“In 2016, a year which marks 30 years of St. Modwen’s status as a publicly listed company, we anticipate the creation of further value for our shareholders as we continue to invest in and regenerate areas nationwide.”
Enquiries:
St. Modwen Properties PLC
Bill Oliver, Chief Executive
Rob Hudson, Group Finance Director
Charlotte McCarthy, Head of PR and Communications
Tel: 0121 222 9400
FTI Consulting
Dido Laurimore
Tom Gough
Ellie Sweeney
Tel: 020 3727 1000
A presentation for analysts and investors will be held at 9.30am today at the London Stock Exchange, 10 Paternoster Square, London, EC4M 7LS. If you would like to attend please contact Ellie Sweeney at FTI on +44 (0)20 3727 1622 or stmodwen@fticonsulting.com. A live webcast of the presentation will be available at www.stmodwen.co.uk 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
Passcode: St. Modwen
