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St Modwen Properties increased interim dividend 2%

Staff Writer | July 5, 2016
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.
St Modwen Properties
St Modwen Properties   Profit before all tax was £30m
After the six months to May 31, 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