Business
Half-year Results
Half-year Results.
About this update from Town Centre Securities Plc
[{"type":"text","content":"\n\n\n\n\n\n\n\n\n27 March 2025\n\n\n\n\n \nTOWN CENTRE SECURITIES PLC\n('TCS' or the 'Company')\n \nHalf year results for the six months ended 31 December 2024\n \nResilient and stable performance given macro-economic conditions\n \nTown Centre Securities PLC, the Leeds, Manchester, Scotland, and London property investment, development, hotel and car parking company, today announces its results for the six months ended 31 December 2024.\n \nCommenting on the half year results, Chairman and Chief Executive Edward Ziff, said:\n\"The last six months have been a period of stability for TCS with all three operating divisions continuing to deliver resilient underlying revenues and earnings.\"\n\"Inflation has fallen, albeit still above the Government's target of 2 percent, and interest rates have been reduced slightly, however uncertainty around the geopolitical situation and its effect on the wider economy still presents a challenge. With a diversified and well balanced portfolio and continued low levels of variable interest rate debt, I remain confident that we are in a strong position in these uncertain times.\"\n\"We have a resilient business with committed employees and an engaged executive team, however I continue to be disappointed by the wide share price discount to the net tangible asset value that TCS shares trade on. This is obviously disappointing for all our stakeholders, but we will continue to focus on the deliverability of our long-term growth plan while ensuring financial prudence.\"\n\"Our attention remains focused on investing in our existing portfolio, in particular our single largest asset, the Merrion Centre, and our development programme. However, we are also looking at other investments, both in traditional real estate opportunities and complementary situations that can add value and further diversify our risk. We remain ever mindful that taking advantage of potentially accretive opportunities needs to be balanced against retaining robust finances.\"\nFinancial performance - resilient and stable\n· Net assets per share - remained stable:\no Like for like portfolio valuation down 0.8% from June 2024:\n§ compared to the MSCI/IPD UK All Property Capital Index which increased by 0.8% over the period\n§ reduction primarily d...