Date: Monday 05 Jul 2010
Property developer St. Modwen Properties returned to the black at the interim stage and has resumed dividend payments.Net asset value (NAV) per share at the end of May had risen to 214p, a rise of 6.8% from the NAV at the end of November 2009. Revenue in the six months to 31 May climbed to £58.3m from £43.2m at the interim state a year earlier. Net rental income rose to £13.8m from £13.0m.
The company saw a write-up of £19.3m in the value of its investment property portfolio, having taken a £68.6m charge the year before.
R&D consultant Sagentia is trading so strongly it now expects its first half results not only to beat estimates but also to exceed the forecasts for the whole year.
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This significant turnaround in performance, compared to the loss reported in the first half of 2009, is due to the restructuring undertaken in the second half of last year and strong trading in the first half of 2010,' it said.
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