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St. Modwen Properties hikes dividend despite swinging to annual loss
StockMarketWire.com
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Logistics and residential real estate group St. Modwen Properties swung to a full-year loss, driven by lower revenue and negative asset revaluations.
The company, however, upped its dividend, while citing the strength of its balance sheet and development pipeline.
Pre-tax losses for the year through December amounted to £120.8 million, compared to a profit of £49.5 million year-on-year.
Adjusted EPRA earnings fell 43% to £22.1 million, while the company's net asset value per share fell 12% to 427.7p.
St. Modwen Properties declared a full-year dividend of 5.0p per share, up 39% from 3.6p year-on-year.
'St. Modwen delivered strong operational results in 2020 under extraordinary circumstances,' chief executive Sarwjit Sambhi said.
'Our strategy is focused on two sectors, logistics and housebuilding, where structural demand is growing, acknowledging that the economic outlook is uncertain.'
'These sectors make up 78% of our portfolio today and will represent over 90% within three years.'
'In both, momentum is strong, and we have an attractive pipeline to accelerate growth.'
Story provided by StockMarketWire.com
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