Financial Highlights
Shareholders' NAV up 8% to 251p per share (Nov 2011: 232p per share), and EPRA NAV up 9% to 272p per share (2011: 250p per share)
Profit before all tax £52.8m (2011: £51.7m)
Realised property profits up 22% to £29.0m (2011: £23.8m)
Net rental income continues to grow to £36.2m (2011: £35.5m)
12% increase in net trading profit to £25.5m (2011: £22.8m)
Gearing at year end of 71% (2011: 73%) and completion of a successful £80m retail bond issue providing substantial headroom in facilities
Final dividend for the year increased by 10% to 2.42p per share, providing a total dividend for 2012 of 3.63p
Operational Highlights
Valuation gains of £48m (2011: £33m) generated through active asset management and planning gains, offsetting £20m market driven valuation loss (2011: £1m profit)
Continued positive outlook for residential land with London residential transactions driving valuation gains
On track to deliver target of shareholder equity NAV of 300p per share by November 2015
£2bn regeneration of New Covent Garden Market signed, providing a major opportunity in Central London and considerable potential to add further upside to targetted NAV
Swansea University £150m development to commence on site in H1 2013
Bill Oliver, Chief Executive of St. Modwen commented:
"This has been another successful year during which we have achieved some significant milestones across our portfolio and, in particular, on our major development projects. These achievements underline our growing presence in the London and the South East market while also proving that there are still opportunities in the regions for well-placed and well-priced product.
"We cannot ignore the current upsurge in investor appetite for development activity in London and the South East and the prospects arising across the UK from our residential portfolio. We will therefore focus our attention throughout the coming year on these specific areas in order to drive optimal returns, as well as advancing our larger schemes, including of course the New Covent Garden Market and Swansea University developments."
