St Modwen Properties hikes FY dividend as FY pre-tax profit falls

St Modwen Properties' shares are up more than 2% as it posted a lower full-year pre-tax profit -- mostly due to external market factors and valuation gains in 2015 -- and hiked its total dividend.

Pre-tax profit was at £66.9m, from £235.2m. Total dividend was 6p a share, from 5.75p, while industry-standard EPRA net asset value per share was 460.5p, from 446.4p.

CEO Mark Allan described the year as a good one, contributed to by active commercial property development and asset management, and a strongly performing and growing residential arm.

"This is despite the turbulent market backdrop during 2016," said Allen, adding that St Modwen had begun a review of what he believed was a "fundamentally strong" business and portfolio.

The company's full-year income statement revealed that gains on disposal of investments totalled £9.5m, from £11.7m.

Investment property revaluation gains came in at £30.3m, from £73.9m. It also booked a £28.2m loss of joint ventures and associates, versus a year-ago £106.8m profit.

At about 14:27 GMT, St Modwen's shares were up 2.05% to 328.5p each.