FINANCE: St Modwen’s profits before tax rose by 68% in the year ending 30 November 2014, while shareholder’s NAV per share rose by 17% to 324.9p.
The firm posted a 167% increase in residential profits, which rose to £24m compared with £9m for 2013.
The total dividend for the year increased by 15% to 4.6p per share.
During 2014 the company secured planning for New Covent Garden Market and signed a development agreement with Swansea University to deliver 545 student beds.
Bill Oliver, chief executive of St Modwen, said: “This has been an exceptional year for St Modwen and we have achieved significant progress across all of our major projects as well as increasing our active pipeline of commercial development opportunities to more than 3m sq ft of space.
“The residential part of the business continues to perform well with good sales achieved throughout the year and we anticipate a sustained performance into 2015.”
