Business
Final results for the year ended 30 June 2021
Final results for the year ended 30 June 2021.
About this update from Town Centre Securities Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0049U\n Town Centre Securities PLC\n 30 November 2021\n \n \n \n 30 November 2021\n \n TOWN CENTRE SECURITIES PLC\n ('TCS' or the 'Company')\n Final results for the year ended 30 June 2021\n \n Further progress in resetting and reinvigorating the business\n \n Town Centre Securities PLC, the Leeds, Manchester, Scotland, and London property investment, development and car parking company, today announces its audited final results for the year ended 30 June 2021.\n \n Commenting on the results, Chairman and Chief Executive Edward Ziff, said:\n \n \n \n \n \"It has been a challenging year, however I am pleased to see the business recovering since pandemic related restrictions have been eased. We have benefited from the decisions taken earlier in the year to accelerate our disposal programme and reduce our net borrowings. As a result, the Company is in a stronger financial position to benefit from the ongoing economic recovery.\"\n \n \n \"I am pleased that our rent collection has remained robust throughout the year. This demonstrates the resilience, quality and diversified nature of our continuing portfolio as well as our collaborative, longstanding and strong relationships with our tenants. With people steadily returning to offices and normal life resuming, we are seeing improvements in both our car park and hotel operations.\"\n \n \n \"Overall, we remain committed to delivering on our accelerated four pillar strategy of: actively managing our assets, maximising available capital, investing in our development pipeline and acquiring and improving investment assets to diversify our portfolio.\"\n \n \n Financial performance\n \n · Net assets:\n \n o Statutory net assets of £155.4m or 292p per share up 0.2% on prior year (2020: £155.1m, 292p)\n \n o EPRA net tangible assets* measure introduced during the year at £151.0m or 284p per share (2020 equivalents: £151.1m or 284p) \n \n o Revaluation increase and reversal of impairment uplifts on property portfolio, car parks and TCS share of properties held in Joint Ventures in the year of £1.4m (2020: Reduction of £26.0m)\n \n o Revaluation gain on other investments during the year of £2.8m (2020: Reduction of £2.4m)\n \n · Profits and earnings per share:\n \n o Significantly reduced stat...