(Alliance News) - Town Centre Securities PLC on Wednesday kept its interim dividend unchanged, as the company's loss narrowed on smaller mark-downs in the value of its investment properties.
For the six months to the end of December, the Leeds-based property investor reported a pretax loss of GBP241,000, narrowed sharply from GBP8.7 million the year before.
This was due to smaller a loss on the valuation of Town Centre's investment properties than a year before, GBP4.6 million from GBP11.2 million, as well as a profit from the sale of properties at GBP55,000, swinging from a loss of GBP856,000.
Town Centre's net asset value per share as at December 31 was 343 pence, down 5.0% year-on-year from 361p the same date the year before, and 3.2% lower from 354p at the end of June.
The company's portfolio at the end of 2019 was worth GBP361.4 million, down from GBP368.5 million a year before, caused by a 5.2% decline in the retail & leisure part of Town Centre's portfolio, mainly through value drops in Vicar Lane, Leeds and the group's Glasgow properties.
Revenue remained flat at GBP15.8 million, as did Town Centre's interim dividend at 3.25 pence per share.
"In our sixtieth year I am pleased to report a resilient set of results and the continuation of our strong dividend track record. We continue to invest in our assets, with significant redevelopment schemes underway in both Leeds and Manchester," said Chair & Chief Executive Edward Ziff.
"The active management of our portfolio has ensured delivery of resilient earnings and a stable valuation. Of particular note, is the increase in value of the Merrion Estate. The ongoing diversification of our portfolio, with our retail assets representing only 35% of the portfolio, will continue as we actively look to further sell retail assets," Ziff added.
Shares in Town Centre Securities were down 2.7% at 218.00 pence on Wednesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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