Commercial property regeneration specailist St Modwen Properties said today it made a trading profit of £8.4m in the year to end-November 2009 (2008: £19.5m). The group reported net assets of 200p per share (2008: 251p), a decline of 20%in the year (4% in the second half). The business was refinanced with issue of £101.6m of new equity in the period and renegotiated and improved banking covenants.
St Modwen reported positive operational cashflow, including £101m from property disposals.
Anthony Glossop, Chairman, commented: 'Property market prospects still remain uncertain. The economy may be slowly emerging from recession, but business confidence remains fragile, with continued pressure on rents and occupancy levels.
'However, St Modwen is well prepared for such conditions: our financial position is sound; our business model will increasingly create value; and we are in a good position to seize attractive opportunities to add further to the Hopper.
'As yet our portfolio has not seen the resurgence in values experienced in other parts of the property market. But nevertheless I believe that we are now beginning to see important signs of improvement.
'I am confident that 2010 will see the company returning to growth in profits and NAV.'
Story provided by Business Financial Newswire
© 2012 IBTimes Company. All Rights Reserved.
Partners 
EMAIL
PRINT
RSS
SHARE
