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St Modwen cuts debt and hails strong order book as year end approaches
StockMarketWire.com
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Property developer St Modwen Properties has cut its debt and hailed a strong forward order book as it enters the last month of its financial year.
The company said its see-through net borrowings reduced from £395 million at the end of May to £277 million at the end of November, reflecting 'significant disposals and tight cost control'.
Since its half-year results announcement in July, St Modwen said it had exchanged contracts to dispose of £96 million worth of assets.
On average, the disposals were in line with their May book value, the company said, bringing disposals for the year to £154 million.
CEO Sarwjit Sambhi said: 'St Modwen has delivered strong operational results in 2020 and our underlying performance has been in line with the Board's expectations...
'While the near-term economic outlook remains uncertain, momentum has continued to build, so with a strong forward order book in housebuilding, sustained demand for industrial and logistics space and a solid capital base, St Modwen is well positioned going into 2021.'
At 8:14am: (LON:SMP) St.Modwen Properties PLC share price was 0p at 380p
Story provided by StockMarketWire.com
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