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 Profit before all tax was £30m
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 ■