St Modwen toasts four-fold profit rise
Stan Clarke, chairman, said net assets had risen by 25 per cent during the year from 39p a share to 49p. He said a 3 per cent increase in the valuation of St Modwen's portfolio was "consistent with the more cautious market sentiment that has been evident in recent months."
The profits jump from £3.5m to £13.2m included a one-off £3.8m profit from the sale of the Octagon Shopping Centre in Burton on Trent.
Rents from the £84.6m investment portfolio were £9.5m, providing a running yield of 11.2 per cent. As a result of pushing for rent increases, investment income exceeded the total costs of running the business, including interest payments, by £3.8m during the year, up from a surplus of £2m in 1993.
As a result of the disposal, borrowings fell to 48 per cent of shareholders' funds. The fall came despite a large increase in the company's land bank.
Mr Clarke said he expected 1995 to be another good year, underlining his confidence with a 60 per cent increase in the full-year dividend from 1p to 1.6p. The shares fell 2p to 43p.
- 1 Cyclist who knocked down three-year-old girl says his life has been 'destroyed'
- 2 Chelsea victory parade: Chelsea mocked on Twitter as 'tens of fans' pack the streets of London
- 3 US warned by Chinese media to stop meddling or 'war will be inevitable'
- 4 Woman, 21, dies after taking contraceptive pill that 'caused fatal blood clot'
- 5 Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
Cyclist who knocked down three-year-old girl says his life has been 'destroyed'
US warned by Chinese media to stop meddling or 'war will be inevitable'
How China's richest man Li Hejun lost $15bn in an hour - and made a fortune
Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
Snoop Dogg on why he doesn't regret displaying misogyny towards women
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
The day that Britain resigned as a global power
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
A nation of inequality: How the UK is failing to feed its most vulnerable people
EU referendum: David Cameron to deny EU migrants and under-18s the chance to vote
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...