Interim results for the six months to 31st May 2010

St. Modwen, the UK’s leading regeneration specialist, announces a return to profits and NAV growth and a resumption of dividends in its half-year results for the six months ended 31st May 2010.

HIGHLIGHTS

* Profit before tax of £26.7 m in the period (2009: loss of £98.3m)
* Net assets per share increase of 6.8% to 214p per share since 30th November 2009
* Resumption of dividends, with an interim payment of 1p per share
* Agreement to acquire a portfolio of 11 industrial estates for £21.4m, with annual rental income of £2.2m

Anthony Glossop, Chairman, reporting on the period said:

"As anticipated in our March trading update, I am delighted to be able to report a significant improvement in our trading performance for the half year, which has produced an NAV increase of 6.8% in the period and enabled us to resume the payment of dividends."

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5th July 2010

ENQUIRIES:
St. Modwen Properties PLC
Bill Oliver, Chief Executive
Tim Haywood, Finance Director
Menna Rees-Steer, PR Manager
Tel: 0121 222 9400

College Hill
www.collegehill.com
Gareth David
020 7457 2020