Its commercial property portfolio increased in value by £34 million, all but £1 million due to active management and planning gain, so that net assets increased 9% to £464 million (232p per share) from £427 million in 2010. The property portfolio itself is worth £1.103 billion, and the Group carries a net debt of £347 million, up from £315 million in 2010. This is funded by Lloyds, HSBC and Barclays, who renewed their standing facilities, and Santander, who advanced new facilities.
During the year St Modwen completed and sold the Hive Leisure Park in Widnes, near Liverpool; Connah's Quay in Flintshire, anchored by a 52,000 sq ft Morrisons; and a 73 room Travelodge in Edmonton, London.
It is on site in Hednesford, Staffs, building a new Tesco; Longbridge, building a new Sainsbury's; Phoenix Retail Park, Longton; Viridor offices at Taunton; Skypark Exeter; and Siemens at Lincoln, to name a few.
In the pipeline are a new campus for Swansea University, the regeneration of the Elephant & Castle shopping Centre, London with an additional 1000 apartments above, and a new supermarket led development in Liverpool.
St. Modwen has also signed an agreement with Sheffield-based Dyson Group plc for 105 acres of ex-industrial land in their property portfolio that they believe will offer commercial and residential development opportunities over the medium term. The total land bank has increased slightly to 5,762 acres.
St. Modwen is an active housebuilder with developments in Hednesford, Longbridge, and Lincoln among several as it also has a joint venture with Persimmon Homes, who has long been a customer for it's land. It has started development of 311 houses in Llanwern with Persimmon, the first phase of a 4,000 home plan, and has consent for a further 4,000 homes at Neath. St Modwen has a landbank of 1646 acres of residential land, over 80% of which has planning permission or is allocated in local plans for it.
Shares in St Modwen closed at 145.5p last night, an increased dividend of 3.3p per share (3p in 2010) has impressed the market this morning and shares have opened sharply higher as investors see the value on offer, valuing the firm as it does at just £297 million.