Results round-up

St Modwen Properties increased its interim dividend 2% but said it would be likely to take a more cautious approach to strategy after the Brexit decision cast a veil of uncertainty over the UK property market.

After the six months to 31 May, the net asset value of the property regeneration group's assets was 2% higher than the same period last year at 421p on a shareholders' equity basis, while EPRA NAV was up 1% to 451p.

Although profits in the first half of the year were down on the prior year, the £34m of trading profits was not far from the record £35m generated last time.

Profit before all tax was £30m, with last year's figure of £206m boosted by an £128m benefit from the revaluation of its development of New Covent Garden Market (NCGM) redevelopment.

This year the company has had to absorb two negative factors: a £21m reduction in the valuation of its share of NCGM and a one-off £13m impact from the increase in Stamp Duty Land Tax (SDLT), which was announced in the recent government Budget.

The interim dividend was increased by 2% to 1.94p per share.

Investment trust Polar Capital Technology published a set of lacklustre preliminary results on Tuesday, with its chairman describing the 12 months to the end of April as “frustrating”.

The FTSE 250 firm’s total net assets stood at £801.3m on 30 April, a 1% improvement on a year ago, with net assets per ordinary share also moving 1% higher to 605.51p.

Polar Cap’s price per ordinary share was down 4.4% to 566p, with the discount of ordinary share price to net asset value per share widening to 6.5% from 1.2%.

“It has been a frustrating year in world equity markets, with a protracted sideways movement punctured by severe setbacks of a similar magnitude and duration in both July 2015 and January 2016,” commented chairman Michael Moule.