RNS Number:9208J
St. Modwen Properties PLC
11 April 2003



Friday, 11 April 2003


                          St. MODWEN PROPERTIES PLC

                                  AGM STATEMENT


At the Company's Annual General Meeting to be held later today in London, Sir
Stanley Clarke, Chairman of St. Modwen Properties PLC, will make the following
remarks on current trading:


"In my statement in the 2002 Annual Report, I said that the current financial
year had started well.  I am delighted to confirm that since I made that
statement in February, we have continued to record good progress.


We have secured profits for 2003 on sales already completed or exchanged of #11m
with an additional #5m of profit in solicitors' hands.


Despite the weakening economic climate we continue to secure commitments with
occupiers to take pre-let or pre-sold industrial and distribution space.
Agreements in respect of 150,000 sq.ft of new buildings have been entered into
already this year, with further substantial space under negotiation.


The market for well-let investments remains strong and we have been achieving
higher prices for completed developments than we had planned.


On an annualised basis, the gross portfolio rent receivable, including our share
of joint ventures has increased since the year-end by #6.1m (18%) to #40.6m.
Acquisitions net of disposals added #5.7m and we reduced our void space with
#400,000 of additional rent from new lettings.


We continue to develop further relationships with Government bodies and Local
Authorities such as our development agreement with SWERDA (South West of England
Regional Development Agency).  This #30m development of an urban village at
Dursley, Stroud, Gloucestershire will include 600 dwellings and new employment
premises.  We have also been selected by Welwyn Hatfield Council and English
Partnerships as the preferred development partner for the regeneration of
Hatfield Town Centre.  This will be a mixed-use scheme of retail, leisure,
office and community uses of over 200,000 sq.ft together with upwards of 140
residential units with a total end value of over #60m.   It is also particularly
pleasing to note that we have finally received planning permission for the West
Pier at Brighton where, despite recent setbacks, redevelopment plans are
proceeding as expected.


We cannot remain immune from the slow-down that is being reported by others.
However, our portfolio of existing cost-effective space and well located,
competitively priced land will, together with our exposure to a wide range of
occupier markets, ensure that your company should remain among the top
performers even in the most difficult times.


I continue, therefore, to look forward with confidence to yet another record
year."



                                    - Ends -



For further information please contact:

St. Modwen Properties PLC                                          0121 456 2800
Anthony Glossop, Deputy Chairman & Chief Executive            www.stmodwen.co.uk
Bill Oliver, Finance Director


Weber Shandwick Square Mile
Reg Hoare/Katie Hunt                                               0207 067 0726
                                                                   07884 494 112



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