- Developer and regeneration specialist St. Modwen Properties swung to a first-half loss and cut its dividend, owing partly to a negative revaluation of sites in Wales.

Losses for the six months through May amounted to £134.5m, compared to a profit of £23.1m on-year.

The company's net asset value per share fell 13% to 423.1p, while its adjusted EPRA earnings dropped substantially to £4.7m, down from £16.2m.

St. Modwen Properties declared an interim dividend of 1.1p per share, down from 3.6p on-year.

The company said that momentum had been rebuilt after initial pandemic-based disruption, resulting in operational performance being ahead of initial expectations.

Positive structural trends in industrial and logistics sectors, it added, had accelerated even further and residential demand had returned since lockdown.

'Since the start of the Covid-19 pandemic our focus has been on protecting our people and customers and preserving our strong financial position,' chief executive Rob Hudson said.

'Whilst our results for the half year reflect the disruption of the crisis, our decisive actions have worked to rebuild the momentum achieved over recent years, with strong demand for industrial/logistics space and new homes.'

'Although the wider economic outlook will remain uncertain for some time to come, structural growth trends in these key markets for us remain positive and, to an extent, have even accelerated further.'

'With our proven strategy and solid balance sheet, we stand well placed for future growth.'

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