30th Jun 2015 07:09
LONDON (Alliance News) - St. Modwen Properties PLC Tuesday said it expects to see positive momentum continue into the second half of its financial year after reporting a jump in pretax profit for the first.
The FTSE 250-listed regeneration property company said it made a GBP177.6 million pretax profit in the six months ended May 31, compared with GBP48.6 million in the corresponding period of the prior year. Revenue increased by 37% to GBP150.1 million, driven up as profit of joint ventures and associates rose to GBP100.6 million from GBP9.6 million.
"The regional, residential and commercial property markets continue to gather momentum which is leading to good returns across the business. As we realise our pipeline of development opportunities these are contributing positively to property profits," Chief Executive Bill Oliver and Acting Finance Director Andy Taylor said in a joint statement.
"Investor appetite continues to increase for commercial property and we will selectively dispose of mature assets and seek to replenish these with new opportunities in the marketplace. Combined with a residential market that is performing at more sustainable levels, we anticipate continued positive momentum in the second half of the year with good prospect to further add to the net asset value of the group," the executives added.
St Modwen Properties increased its interim dividend to 1.9 pence per share from 1.463p.
By Samuel Agini; [email protected]; @samuelagini
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