KEITH CRAWFORD PEEL HUNT
The result was supported by planning gains on residential land, as achieved in prior years. With the shares still trading on a significant 33 per cent prospective NAV discount, despite a long series of positive newsflow, we reiterate our “buy” recommendation on expectations of outperformance.
CONOR FINN LIBERUM CAPITAL
An encouraging set of results with particularly strong progress in the development programme and the residential landbank. The scale of value-adding opportunities continues to impress... We think St Modwen looks attractive given the above sector-average net asset value growth prospects.
CHRIS MILLINGTON NUMIS
St Modwen’s first half results show strong progress against a difficult market backdrop...This is tribute to the group’s portfolio approach, added value activities and the strength of residential land where significant disposals have been made at or above book.