St Modwen reports slight rise in first-half asset values

St Modwen Properties said 2018 had started well as the regeneration-focused property company reported a slight uptick in asset values for the first half.

Net asset value per share rose 1% to 455.4p in the six months to the end of May from the end of November. Net debt fell by £67.8m to £366m and the interim dividend increased 53.5% to 3.10p a share.

The FTSE 250 company has sold £350m of assets since the end of 2017 as it focuses on industrial and logistics, housebuilding and regeneration projects.

Mark Allan, St Modwen’s chief executive, said: “We have had a good start to 2018 and our expectations for the full year remain unchanged. 2018 is shaping up to be a year of growth, focus and portfolio transition for St. Modwen as we remain firmly focused on executing our new strategy."

Allan said the revamped strategy, which includes the sale of retail and smaller assets, was paving the way for improved earnings and returns in years to come. He said the UK market was uncertain and would stay that way for some time but that St Modwen's projects were supported by structural growth.