St Modwen chief to stand down

THE boss regeneration specialist St. Modwen Bill Oliver has announced he is to stand down.

The announcement overshadowed the release of the group’s full year results, which showed a 91% increase in profits to £258.4m (2014: £135.4m).

Chief executive Oliver will retire officially on November 30, 2016, at the end of the company’s financial year, by which time he will have served 13 years as chief executive and 17 on the group’s board.

St. Modwen said the announcement was being made now in order to ensure that the board had the necessary time to conduct a search for his successor.
 
Commenting on Oliver’s retirement, chairman Bill Shannon, said: “Bill has made a significant contribution to both the property industry and St. Modwen during his long and successful career as both finance director and chief executive.

“Under his leadership the company has delivered excellent returns for shareholders and has furthered its reputation as the UK’s leading regeneration specialist.  He has guided the business through significant changes and challenges and has earned the respect of our shareholders, partners, colleagues and the board.  Bill will leave St. Modwen with our very best wishes.
 
“Bill will continue to play a full and active role in the business, supported by his experienced senior management team and will remain a member of the board and continue as chief executive until November.”
 
The full year’s results show shareholders’ net asset value (NAV) grew 27% per share to 413.5p (2014: 325.1p), and estimated profit per share was up 30% to 446p (2014: 342p). Earnings per share grew 82% to 97.9p (2014: 53.8p).

Property profits rose 31% to £67.4m (2014: £51.3m) and the total dividend for the year increased by 25% to 5.75p per share (2014: 4.6p per share).

Overall, the group said it remained well positioned for continued growth, supported by a healthier investor market during 2016 for the disposal of mature assets.