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Prices & Quotes - UK Markets - St. Modwen Properties (SMP)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Down 549.00p
Change Today:
-1.00p
Market Cap:
1,222.22m
Sector:
Real Estate Investment & Services

St. Modwen Properties boosts dividend following profit growth

By Duncan Ferris

Date: Tuesday 02 Jul 2019

LONDON (ShareCast) - (Sharecast News) - St Modwen Properties hiked its dividend by 16% on Tuesday as it reported growth in interim profits and net asset value per share.
The property investment and development business recorded a profit before tax of 28.1m for the six month period ended 31 May, an 8% increase on the same period last year, while net asset value per share rose by 6.2p over the period to reach 476.4p.

These increases came even as rental income dropped by 24% to 22.5m due to 529m of disposals last year.

The company lifted its interim dividend by 16% to 3.6p per share.

Chief executive Mark Allan said: "Following our significant portfolio repositioning last year through the sale of retail and other non-core assets, our focus has now shifted to growth, building on the substantial opportunities we have in our existing portfolio. This is reflected in a further increase in housebuilding volumes and industrial and logistics development activity, where the structural growth drivers remain positive despite the ongoing economic uncertainty."

Disposals moderated during the half following high levels of disposal activity in 2018, with St Modwen agreeing the sale of 13 non-core retail and other commercial assets for 18m, and selling 13m of residential land during the first half.

The full disposal of the company's residual 143m of non-core assets is expected to be broadly balanced over the next two to three years, it said.

Full-year expectations remain unchanged as the company said its strategy is focused on sectors which continue to benefit from structural growth, with housebuilding receiving government support, as well as high demand for well located industrial and logistics space.

St Modwen Properties' shares were down 0.64% at 429.71p at 0905 BST.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

SMP Market Data

Currency UK Pounds
Price 549.00p
Change Today -1.00p
52 Week High 552.50p
52 Week Low 300.00p
Volume 119,386
Shares Issued 222.63m
Market Cap 1,222.22m

Performance Indicators

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What The Brokers Say

Strong Buy 0
Buy 0
Neutral 4
Sell 0
Strong Sell 0
Total 4
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

SMP Dividends

  Latest Previous
  Final Interim
Ex-Div 11-Mar-21 06-Aug-20
Paid 08-Apr-21 02-Sep-20
Amount 3.90p 1.10p

Trades for 22-Jun-2021

Time Volume / Share Price
14:48 233 @ 549.50p
14:41 375 @ 549.06p
14:28 253 @ 550.00p
14:28 941 @ 549.00p
14:28 69 @ 549.00p

SMP Key Personnel

CEO Sarwjit Sambhi