St Modwen is back in the black
REGENERATION specialist St Modwen Properties reinstated dividend payments yesterday after going back into profit.
The company, which owns Elephant and Castle shopping centre, announced an interim dividend of 1p a share. It is the first payment for two years.
It also reported a profit of £26.7m in the first half of 2010 after losing £98.3m in the same period last year. Chief executive Bill Oliver told City A.M.: “We are back in a healthy position and we are more confident than we have been for several years. We are open for business.
“We are not saying the next two years is going to be a walk in the park. We wouldn’t resume dividends unless we were in good health.”
The company saw the value of its portfolio surge by £19.3m in the first half, and added £15m in value from planning permission on its assets.