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 Humans of New York image of crying gay teen receives best response from Ellen DeGeneres
- 2 What supermodels really think about posing in the nude
- 3 People all over the world are getting semicolon tattoos to draw attention to mental health
- 4 Swedish minister gives strongest case yet on why EU should stop turning away asylum seekers
- 5 Chris Moyles reportedly set to make radio comeback with new breakfast show on XFM
Humans of New York image of crying gay teen receives best response from Ellen DeGeneres
Greece debt crisis explained: A history of just how the country landed itself in such a mess
Swedish minister gives strongest case yet on why EU should stop turning away asylum seekers
Isis schoolgirl Amira Abase who fled London to join terrorists in Syria mocks victims of Tunisia massacre
Father faces deportation to Thailand after 27 years in Britain for two 'stupid crimes'
More Britons believe that multiculturalism makes the country worse - not better, says poll
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Osborne to cap family benefits at £23,000 – announced ahead of his post-election Budget
Greece crisis: IMF was pushed around by Angela Merkel and Nicholas Sarkozy – and now it is being humiliated
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
iJobs Money & Business
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...
£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...
£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....
£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...