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

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Share Price:
Down 531.00p
Change Today:
-1.00p
Market Cap:
1,182.15m
Sector:
Real Estate Investment & Services

St Modwen outlines 'strong' FY operation results

By Iain Gilbert

Date: Thursday 03 Dec 2020

LONDON (ShareCast) - (Sharecast News) - Property investment and development firm St Modwen detailed some "strong" operational results for 2020 on Thursday, stating that the group's underlying performance had been in line with full-year expectations.
St Modwen said its industrial and logistics unit had completed 1.2m square foot of developments during the year, up from 900,000 a year earlier, and noted that it had continued to see "good customer demand", with 78% of the 7.5m estimated rental value associated with its 2020 completions already let or under offer.

In the FTSE 250-listed group's homes business, St Modwen sold 948 units, down from 1,060 in 2019, as demand "remained strong" despite nine-to-ten weeks of lost production as a result of lockdowns due to the Covid-19 pandemic.

St Modwen's strategic land and regeneration division agreed to a revision of its NCGM development agreement, which unlocked 25.0m of cash held in the joint venture's development account. However, the group did caution that a change in the discount rate of its share of the development obligations would result in a non-cash financial charge of 10.0m in its 2020 results.

Rent collections for the March and June quarters was 93%, up from 77% at the time of its half-year results in July, while rent collection for the September quarter was 80%.

Chief executive Sarwjit Sambhi said: "St Modwen has delivered strong operational results in 2020 and our underlying performance has been in line with the board's expectations.

"While the near-term economic outlook remains uncertain, momentum has continued to build, so with a strong forward order book in housebuilding, sustained demand for industrial and logistics space and a solid capital base, St Modwen is well-positioned going into 2021."

As of 0845 GMT, St Modwen shares were up 0.69% at 384.12p.

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 531.00p
Change Today -1.00p
52 Week High 537.00p
52 Week Low 300.00p
Volume 2,909,119
Shares Issued 222.63m
Market Cap 1,182.15m
Beta 0.02

Performance Indicators

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What The Brokers Say

Strong Buy 3
Buy 0
Neutral 3
Sell 0
Strong Sell 0
Total 6
buy
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 13-May-2021

Time Volume / Share Price
14:24 208,000 @ 532.00p
14:24 208,000 @ 532.00p
11:50 200,000 @ 532.00p
11:50 200,000 @ 532.00p
16:35 68,201 @ 531.00p

SMP Key Personnel

CEO Sarwjit Sambhi