TCSC.L Share News (TCSC)

Property development company Town Centre Securities swung back into the black in the second half 2009 as conditions in the property sector showed a ‘slight improvement’.The company post a profit before tax of £31.46m in the six months to 31 December 2009, versus a loss of £72.90m in the latter part of 2008.The 2009 figures were boosted by a £19.7m surplus on the revaluation of its property portfolio and a £9m profit banked as a result of the company buying back some of its debenture stock.Gross revenue eased to £11.28m from £14.25m the year before while like-for-like underlying property rents increased by around 2% on an annualised basis.Net assets rose by 27.4% to £136.6m at 31 December 2009, equivalent to 257p per share, from £107.2m (202p per share) at 30 June 2009.Gross borrowings at the end of the year had been reduced to £146.7m from £185,3m at the end of June.The company is looking selectively ‘for opportunities to acquire stock that fits into our longer term strategy,’ said chairman and chief executive officer Edward Ziff.Nevertheless, we continue to regard 2010 with caution and are ready for any change in market conditions that may occur,’ Ziff added.The interim dividend has been bumped up by10% to 3.02p.