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Commenting on the outlook for the firm, St. Modwen said: "Although the wider economic environment remains unpredictable and there may still be further challenges for the sector, we remain confident that our asset portfolio, development pipeline and significant London opportunities will continue to provide us with many opportunities to add considerable value for our shareholders and will help drive growth through 2012 and beyond." Underlining its confidence in future trading, the group has increased the interim dividend by 10% to 1.21p per share.
Regeneration specialist St. Modwen Properties said NAV per share increased 5 per cent to 244p in the six months to 31 May 2012 and remains confident of growth through 2012 and beyond. The land developer said the year has started very well, despite the on-going challenges posed by the wider economy, as it increases focus on the residential market. St Modwen which, along with French group Vinci, have been selected to lead the £2bn redevelopment of London's New Covent Garden Market, said revenue for the six month period rose to £81m from £61.3m for the same period last year. Pre-tax profit fell to £30.4m from £37.4m before. As well as securing the New Covent Garden Market project, St. Modwen said it is also experiencing good returns from house sales through both the joint venture with Persimmon and its own housebuilding arm, St. Modwen Homes. Realised property profits surged 48% to £16.6m and net rental income increased to £18.3m from £17.8m the same half a year earlier.
Regeneration specialist St. Modwen Properties said NAV per share increased 5 per cent to 244p in the six months to 31 May 2012 and remains confident of growth through 2012 and beyond. The land developer said the year has started very well, despite the on-going challenges posed by the wider economy, as it increases focus on the residential market. St Modwen which, along with French group Vinci, have been selected to lead the £2bn redevelopment of London’s New Covent Garden Market, said revenue for the six month period rose to £81m from £61.3m for the same period last year. Pre-tax profit fell to £30.4m from £37.4m before. As well as securing the New Covent Garden Market project, St. Modwen said it is also experiencing good returns from house sales through both the joint venture with Persimmon and its own housebuilding arm, St. Modwen Homes. Realised property profits surged 48% to £16.6m and net rental income increased to £18.3m from £17.8m the same half a year earlier.
I am with you here Daredevil.I have seen the scheme for the "mini " town centre and if indeed is being anchored by M&S great news as a pump primer Should imagine though they have negotiated a substantial rent free period and a free fitout better than £400k an acre for sheds mind .Holder Mathias the lead architect currently doing Barnsley Markets scheme are experienced in this area .SW Birmingham has always been badly served retailwise wise.Northfield being abit of a pigs ear(with respect)especially taking into account the number of chimneypots in the area mostly occupied by redundant Rover workers! The point I was reallay making with the Sainsburys deal as work in progress is that I would hazard a guess £15m plus alone from this deal It will be hard to come up with similar rocket deals and this deal will spike next years profits SMP have always been past masters of giving a good presentaion andwinning local authorities and major plcs over without often haviung to put any hardedged capital on the line up front
In reply to sain@vision, it appears that M.& S. may be on board to invest in a huge flagship megastore at this company's Longbridge development site according to a recent local rumours. More information should be given when St.,Modwen announces it's half year financial results next Tuesday. I am expecting these results to be excellent but perhaps it will be the company's forecast for the rest of its financial year that will move the share price up to a level which better reflects its growth in profits and nett asset value. I am so convinced of the near term potential for this company that I have commited a substantial amount of my ISA fund to shares of St.Modwen this week . Let's hope my judgement of the risk/reward balance works out in my favour next week.
sold my TW to come back in here.I anticipate good news in July which shoud give the price a boost.The deal with Persimmon should now be showing signs of fruitation Only slight concern with Longbridge after the Sainsburys deal completes which will inject the profits into the company ifthere is any other occupiers likely to yield up similar values in the future.Possibilty if getting some other mega reatilers in but very difficult market watch this space
Espirito Santo initiates buy on St Modwen Properties, target price 193p.
These shares are on the move again, possibly as a perceived value play in a volatile market or perhaps following a buy recommendation of a new broker covering the stock. The interim results are due on July 5th and last year this coincided with a new12-month high for this company's shares. Is history about to repeat itself?
Would dearly like to comeback in here at the low 150s (sold at 166p) but unfortinately all my housing shares are in reverse throttle so dont want to crysatllise a loss.My only hope is for a bit of a market adjustment in the purist housing sector hpapens prior to any upward trajectory of SMP Its going to be along wait on Redrow but Im happy there for the time being .Holding a small profit inTEF but as you rightly say the margins are so wide to sell any They still have legs mind you especially with the Olympics which will showcase the area where their developments are sprouting heh ho
Property developer St Modwen also gets the once over. It’s suffered from a general caution on property stocks but has won impressive projects in New Covent Garden and Elephant and Castle worth £2bn. The shares have staged something of a recovery since the beginning of 2012 but Tempus says only buy on further weakness.
Recent newsflow confirms St Modwen is flying with strong revenues from house sales being increasingly supported by newly converted planning consents and a growing order book for what looks to be a steadily increasing profits stream from joint venture developments. The net asset value of this group is already looking to top 220p/s over the next 12 months leaving the current share price of around 170p/s in bargain basement territory. Indeed there must be a fair chance of future positive trading news being followed by significant share buybacks or a special dividend as the modest current dividend payout is already generously covered by current earnings. All this has been going on during the build up to the 2012 olympics Who knows what influencial meetings may occur behind closed doors and provide more exciting prospects for the company and its shareholders.
if i sold your probably wise to hang on, i had a decent profit so banked it, but still believe like you these have more to add, any retrace mid 150's i will be back, meanwhile started to follow ABG recently though heavily into KAZ so maybe another miner is not such a good one to add. But brilliant news for SMP y'day.
I ddint get back in here at 152 and was going to sell the remainder out at the high 160s but will hang on in here now Good news about the Nine Elms New Covent Garden deal abig bit of kit whch will augur well for the future as the property market improves and knowing St mods the entry in here ghas probably been ow cost selling their expertise asthe main asset Price should hold steady know without too many fluctuations
Nice little earner
have a few TEF's myself, just hate the spread its huge, done ok out of KAZ lately tried to buy more late on y'day been a good week beats working all that commuting ..I think both TEF & SMP are good to hold nice paper profit on both may sell SMP upper 160's & buy back on falls, TW I will get back into at some stage no doubt on a decent fall. By the way I'd like to think my accent is mid atlantic like that guy on through the key hole only kidding !
What do you reckon our kid shall I move up the M54 metaphorically bailout here at mid 160s and plough into Telford Homes just bought a few Telfs today after selling a bit of TW at 51.5p yesterday Hansteen are the boyos mind some results coming out soon likely to be very positive Industrial property is the flavour of the month
was heavily into TW at one time but bailed out at about 38 got nervous another one i missed, my biggest mistake was bailing out of Barclays at about 188 even though I made a good gain could have been a real big earner, hindsight...
Bailed out of ESSR been day trading there done ok went for safer haven here !
time to get back in and buy some more unfortunately shoved all mine into Taylor Wimpey who have retrace a little and Hansteen for the long game Industrial property buyers par excellence building up a good portfolio at the bottom of the cycle with a cracking experienced maangement team who have been there done it and got the t shirt
now thats a re-trace mind you red every where y'day...
easily 175 may be a few re-traces along the way...
Sold 50% of my holding at 164p on friday purely on the principle of you cant go broke making a profit and possibly faster gains now elswhere.MISTAKE Still see this at 175p plus very shortly Cast my eye over new listing AIM Belvoir lettings nationwide lettings agent franchisor but wasnt impressed with the fact that the majority of the listing monies were being used to pay the chairmans missus off
I still think this will rise towards £2-00 quite rapidly was tempted to sell out before y'days fall had a feeling might be a slight re-trace kicked myself for missing £1000 or so..,
never really convinced to buy a share of the back of BOD purchases. They've usually got more than enough money to invest. Not big purchases either
Thanks for that what did the article say pls ?