Regeneration specialist St Modwen Properties has announced a huge 306 per cent rise in profits for the six months to May 31 2015.
The increase takes profits before tax to £203.1 million, in comparison to £50 million for the corresponding period in 2014.
The group also reports a 21 per cent increase in NAV per share to 394p and a 25 per cent increase in EPRA NAV per share to 427p. Earnings per share rose by 281 per cent to 75.4p, compared with 19.8p in the first half of last year.
The interim dividend is confirmed at 1.9p per share, a 30 per cent increase on 2014, and realised property profits for H1 stand at £41.3 million.
The performance has been helped by significant milestones being reached in a number of projects, including the unconditional status achieved on the 57 acre New Covent Garden Market site on London’s South Bank in April.
Overall St Modwen’s commercial property development pipeline has delivered a strong flow of profits, with major schemes in Swansea and Longbridge also included on the balance sheet.
The group has also enjoyed an impressive year in the residential sector, with good sales achieved and continued housebuilder appetite for residential land.
Commenting on the performance, Chief Executive, Bill Oliver said: “These record-breaking results are underpinned by the growth in the UK property sector and are testament to our continued belief in the regional marketplace and our long-term approach to regeneration as a whole.
“They are positively supported by our three major projects reaching significant milestones in the period. Most notably the New Covent Garden Market site in Nine Elms, London reached unconditional status in April.
“We continue to increase our levels of both residential and commercial development and to add further value to our major projects and our broader £1.5 billion property portfolio, delivering maximum returns for the business and for our shareholders.”
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