St Modwen returns to profit on rising rents in regional properties

ST MODWEN Properties swung back into annual profit and net asset growth yesterday, and pledged to pay shareholders their first final dividend in two years.

Pre-tax profit at the firm, which specialises in brownfield sites around England, was £37.5m for the year, compared to a £119.4m loss in 2009.

St Modwen’s property values rose three per cent to £1.1bn in the year to 30 November.
Vacancy levels in the firm’s properties have also dropped from 17 to 12 per cent.

“Despite some of the gloomier forecasts to the contrary, we have also continued to benefit from the relative resilience of our occupier markets, underpinned by our own focus on specific active asset management initiatives,” the company said.