1st Dec 2015 07:45
LONDON (Alliance News) - St Modwen Properties PLC on Tuesday said its pretax profit for the year to end-November is "likely to be in line with market expectations".
The property regeneration company said that activity across its commercial portfolio is progressing in line with regional market recovery. It disposed of a number of mature assets during the year, and used the sale proceeds to fund strategic acquisitions across the UK, it said.
St Modwen noted a GBP128 million revaluation gain from its New Covent Garden Market site during its first half, and said its other major projects also reached significant milestones, with the opening of the second phase of its Longbridge Town Centre project and the delivery of the new GBP450 million Bay Campus at Swansea.
It expects its net debt position as at the end of November to be "slightly higher" than current market expectations due to the timing of recent investment activities.
"This year we have experienced many highlights across our portfolio and in particular across our major projects, all of which have achieved significant value-enhancing milestones. We have also been able to take advantage of new opportunities coming to market, enabling us to acquire a number of assets to add to our portfolio, the most recent being Kirkby Town Centre," said St Modwen Chief Executive Bill Oliver in a statement.
"The success of all these activities throughout 2015 has culminated in our anticipation of record profits for the business for the financial year, whilst positioning us well for the future," Oliver added.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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