St Modwen hints at new schemes

St Modwen's regional development order book is progressing well in 2012, said Michelle Taylor, North West director, as the group announced a rise in net asset value.

The group NAV rose 5% in the six months to the end of May to 244p per share (Nov 2011: 232p). Pre-tax profit fell to £34.9m compared to £37.9m in the first half of 2011.

Net rental income rose 3% to £18.3m. Borrowing also increased to 74% of portfolio, up slightly from 73% in November 2011.

Taylor said: "Our strong partnerships with the public sector have kept schemes alive throughout the recession meaning we are at various stages of delivery on a number of key projects across the region.

"Progress at our £150m Great Homer Street regeneration project in North Liverpool means the scheme is at a critical juncture, with the long awaited CPO Public Inquiry now underway. It is hoped that a decision in favour of the 45-acre redevelopment will be reached before the end of the year, which could enable work to start on site during 2013. Community support for the project remains strong with public consultation events held throughout May revealing 94% of respondents in favour of the scheme.

"In Wythenshawe we are in the process of agreeing a new masterplan with Manchester City Council, setting the framework for our very successful development project to continue well into the future. We are currently working towards submitting planning applications for a further retail and leisure development.

"Our portfolio of managed estates is performing well, with recent successes including agreeing a new five-year lease with Lancashire Care NHS Foundation Trust at Blackburn Innovation Centre, part of our wider Evolution Park development."

St Modwen proposed a 10% increase in interim dividend to 1.21p per share.

Shares in St Modwen slipped 3p to 174p.

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