Shares digital

St Modwen Properties (SMP) – Finals PTP: £100.1m (£96.9m) Divi: 7.8p (6.8p)

The regeneration specialist saw a 3% hike in taxable profits as well as a 20% rise in net assets per share, to 387p, in the year to November. However, chairman Anthony Glossop acknowledges there will ‘undoubtedly be some further deterioration in the market value of investment properties, particularly in the first half of 2008, and we cannot be immune from the effects of that’. Yet the group remains confident about future prospects and believes its NAV will continue to improve. House broker Landsbanki currently rates the stock as a hold because ‘sector sentiment could weigh on the short-term share price performance’, but maintains that its corporate model is ‘outstanding’. The shares of St Modwen ended the day largely unchanged, but zipped up 6% to 510p the following day.

Shares says: The shares have regained some lost ground this year, but outlook remains uncertain.

by: Rachel Robson