St. Modwen Properties hikes dividend as annual profit nudges higher

Writer, Stock Market Wire
Tuesday, February 5, 2019 - 07:25

Industrial and residential property investor St. Modwen Properties posted a 4.3% rise in its net asset value per share in 2018 and boosted its dividend.

The company's NAV per share for the year though December rose to 470.4p as profits nudged higher to £60.5m, up from £60.1m on-year.

St. Modwen declared a total dividend for the year of 7.1p per share, up 13.1% on-year.

'2018 has been another positive year for us,' chairman Mark Allan said.

'With £529m of disposals, we made substantial progress on our objective to focus our portfolio on sectors with the best structural growth prospects and reduce our borrowings, whilst we continued to grow housebuilding volumes and industrial and logistics development activity.'

'Despite the ongoing uncertainty in the wider UK economy, structural growth drivers in these two key sectors remain positive, so following the significant repositioning over the past 18 months, we are now well placed to deliver a meaningful improvement in our return on capital and earnings in the coming years.'

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