Property development and investment company St Modwen Properties has reported a 12th successive year of record results.
The company recorded a 15% increase in pre-tax profit to £40.3m in the 12 months to November 2004, compared with £35m for the same period a year earlier. Net asset value per share increased by 20% to 221.4p.
Chairman Anthony Glossop said the results reflected a 5.5% growth in net rental income, a 35% growth in property profits and a £26m (5.5%) revaluation uplift on the investment portfolio.
“During the year we increased significantly the scale of our development activities, acquired more than 1,600 acres of land across the UK, and entered into a number of additional development partnerships with government bodies and local authorities,” said Glossop.
Major new acquisitions for the company during the year included 600 acres of Corus’s Llanwern steelworks, the remainder of MG Rover’s Longbridge site, a 478-acre former MoD storage site at Long Marston, the remaining half of the Kirkby shipping centre and the Malls shopping centre in Basingstoke.
Glossop said he was expecting that 2005 may be a more challenging year for the property industry but remained confident about the future.
References: EGi News 14/02/05
