In May 2013, St. Modwen Properties PLC is due to complete the first phase of the £70 million Town Centre at Longbridge which includes an 80,000 sq ft food store pre-sold to Sainsbury's, a 75 bedroom Premier Inn, Beefeater Grill, 24 shops, restaurants and circa 35,000 sq ft of offices. Of this total space, 75% is now either pre-sold, pre-let or under offer. In addition, it is expected that a planning application will be submitted towards the end of this year for the redevelopment of New Covent Garden Market, after which planning consent is anticipated in Winter 2014.

St. Modwen Properties PLC and Swansea University have signed the Development Agreement to deliver the first phase of the £450 million new Science and Innovation Campus. At the same time, St. Modwen has completed the sale of income from the student accommodation to the M&G Secured Property Income Fund, advised by PRUPIM, for £32 million. The entire Campus will be located on St. Modwen's 65 acre Transit site, one of the holdings within a 2,500 acre portfolio acquired from BP in 2009, and which has been fully remediated. The first phase of this scheme, which received detailed planning permission in December 2012 from Neath Port Talbot County Borough Council, will comprise 700,000 sq ft of development including 430,000 sq ft of academic space, 899 student apartments and associated retail space. This will deliver research, innovation and education facilities for Swansea. Preparatory works have already commenced on site. About 4,000 direct jobs will be created during the construction phase, with a further 6,000 indirect jobs supported in the wider economy as a result.

St. Modwen Properties PLC reported group earnings results for the year ended November 30, 2012. For the period, the company reported profit attributable to equity attributable to owners of the company of £42.7 million 21.2 pence per diluted share compared to profit attributable to equity attributable to owners of the company of £43.5 million 21.7 pence per diluted share a year ago. Revenue was $219.1 million compared to $109.6 million a year ago. Profit before interest and tax was $64.5 million compared to $74.1 million a year ago. Profit before tax was $47.4 million compared to $50.4 million a year ago. Net cash inflow from operating activities was $38.5 million compared to $19.4 million a year ago. Property, plant and equipment additions were $0.3 million compared to $0.3 million a year ago. Included in the increase in net debt for the year ended November 30, 2012 is £24.8 million as a result of the group obtaining control of, and now consolidating, both Sowcrest Limited and Holaw 462 Limited as subsidiary undertakings. Both entities were previously accounted for as joint ventures with net debt of £26.8 million as at November 30, 2011. The company announced that the Board is recommending a 10% increase in the final dividend for the year 2012 to 2.42 pence per share compared to 2.20 pence per share a year ago, making a total distribution for the year of 3.63 pence per share compared to 3.30 pence per share a year ago. This final dividend will be paid on April 4, 2013 to shareholders on the register at March 8, 2013.