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St. Modwen Properties H1 Pretax Profit Declines - Quick Facts

St. Modwen Properties plc (SMP.L) reported profit before tax of 25.9 million pounds for the six months ended 31 May 2018 compared to 31.6 million pounds, previous year. Earnings per share was 8.8 pence compared to 12.0 pence. Adjusted EPRA EPS for the half year was 6.3 pence compared to 5.9 pence.

First-half revenue increased to 211.9 million pounds from 151.4 million pounds, previous year.

The Group will pay an interim dividend of 3.10 pence per share for the first half of 2018, marking an increase of 53.5% compared to last year, to be paid on 4 September 2018 to shareholders on the register as at 10 August 2018.

Mark Allan, Chief Executive of St. Modwen, said: "We have had a good start to 2018. Our expectations for the full year remain unchanged and we are firmly focused on executing the new strategy we established a year ago. We have sold 635 million pounds of assets since then, improving our portfolio mix and allowing us to reduce borrowings, whilst accelerating the delivery of our substantial industrial/logistics and regional housebuilding pipeline. Despite ongoing uncertainty in the external environment, structural growth drivers in both sectors remain positive, so we anticipate delivering a meaningful improvement in earnings and return on capital in the medium term."

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