The St. Modwen Properties dividend policy is aligned to cash profitability and they intend to pay a dividend equivalent to c. 50% of adjusted EPRA EPS per year. Reflecting this, they will pay a final dividend of 5.1 pence per share, to be paid on 3 April 2020 to shareholders on the register as at 6 March 2020. This brings the total dividend for the year to 8.7 pence, marking an increase of 22.5% versus last year (2018: 7.1 pence).NAV per share up 3.0% to 484.2 pence (2018: 470.2 pence) despite 7.8 pence exceptional provision.
Other financial highlights include:
Underlying total accounting return of 6.3% (2018: 6.0%), before impact of 1.7ppt of exceptional provision.
Adjusted EPRA EPS up 21.7% to 17.4 pence (2018: 14.3 pence) reflecting successful delivery of strategy.
Profit for the year of £49.5m after £18.5m exceptional cost, with basic EPS of 22.8 pence (2018: 27.1 pence).
Conservative see-through LTV of 19.6% (2018: 16.9%) providing ample headroom for future investment.