| Item | H1 2015 result | % rise from H1 2014 |
|---|---|---|
| EPRA NAV per share | 427p | 25 |
| Profit | £203.1m | 306 |
| Net valuation | £170.2m | 405 |
St Modwen’s EPRA NAV per share has risen by 25% to 427p in the six months to 31 May.
During the period its profits rose by 306% to £203.1m.
The recognition of St Modwen’s New Covent Garden scheme boosted the company’s net valuation to £170.2m from £33.7m in H1 2014.
St Modwen also completed the initial development phases at Swansea University, Bay Campus and delivered the 150,000 sq ft Marks & Spencer store in Longbridge, which is on track to open in November.
Bill Oliver, chief executive of 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.”
