Financial Highlights
· 56% increase in profit before all tax to £82.2m (2012: £52.8m)
· Shareholders’ NAV up 11% to 279p per share (2012: 251p per share), and EPRA NAV up 10% to 298p per share (2012: 272p per share)
· Realised property profits up 37% to £40m (2012: £29m)
· Successful completion of a £49m equity placing to support redevelopment of New Covent Garden Market
· 20% decrease in loan to – value to 33% (2012: 41%)
· Final dividend for the year increased by 10% to 2.67p per share, providing a total dividend for 2013 of 4.00p per share (2012: 3.63p)
Rupert Joseland, South West regional director for St. Modwen, the UK’s leading regeneration specialist adds:
“The South West market has continued to perform strongly in 2013. Our long term approach to regeneration has helped St. Modwen harness this market recovery to drive forward development at its 14 commercial and mixed use sites across Gloucestershire, Somerset, Wiltshire, Avon and Devon.
“Recent developments at some of our flagship schemes in the region include Council approval of a revised master plan for the £270m regeneration of Firepool in Taunton to include a major new retail and leisure complex. Since the year end, we secured planning committee approval to deliver an additional 1,200 new homes at our £400m Locking Parklands site in Weston-super-Mare, while construction of a major new rapid response facility for the South Western Ambulance Service NHS Foundation Trust at our £210m Skypark scheme in Exeter, will complete this summer. We are also constructing over 125,000 sq ft of employment space at our Quedgeley West Business Park in Gloucestershire where we are close to securing the penultimate business occupier.
“Thanks to a growing development pipeline for the region and strong working relationships with our local public and private sector partners, we are confident that 2014 will deliver another solid performance for the company.”
