St Modwen posts positive first-half figures as repositioning pays off

St Modwen has posted a 1.3% rise in net asset value (NAV) during the first six months of its financial year.

NAV per share stood at 476.4p at the end of May compared to 470.2p at the end of last November, while profit leapt 10.5% to £23.1m during the six months. Meanwhile, the group’s total accounting return was up to 2.2%, from 2% in November and despite a 1.2 percentage points drag from the non-core retail element of the group’s portfolio.

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