Financial Highlights
- 306% increase in profit before all tax to £203.1m (H1 2014: £50.0m)
- 21% increase in NAV per share to 394p (Nov 2014: 325p) and EPRA NAV per share up 25% to 427p (Nov 2014: 342p)
- Earnings per share up 281% to 75.4p (H1 2014: 19.8p)
- Initial recognition of New Covent Garden Market (NCGM) contributes £128.0m to net valuation increase of £170.2m (H1 2014: £33.7m)
- Realised property profits of £41.3m (H1 2014: £19.1m)
- 30% increase in interim dividend to 1.9p per share (2014: 1.463p per share)
Operational Highlights
- Major projects reaching significant milestones:
o NCGM - unconditional status achieved on 57-acre Nine Elms site in April 2015, with project now included on balance sheet
o Swansea University, Bay Campus - initial development phases on schedule to complete, ready to welcome first students in September 2015
o Longbridge - 150,000 sq ft Marks & Spencer store on track to open in November 2015
- Commercial property development pipeline delivers strong flow of profits
- Continued activity across the residential market, with good sales rates achieved across the Persimmon joint venture and for St. Modwen Homes, with continued housebuilder appetite for residential land
Bill Oliver, Chief Executive, St. Modwen 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 £1.5bn property portfolio, delivering maximum returns for the business and for our shareholders."
