Town Centre Securities announce an interim dividend unchanged at 3.25p

DividendMax Ltd.

Town Centre Securities announce an interim dividend unchanged at 3.25p

Town Centre Securities have announcedv their interim dividend of 3.25p per share (2018: 3.25p) will be paid as a property income distribution and will amount to £1.7m.  It will be paid on 26 June 2020 to shareholders registered on 29 May 2020.  The final dividend for 2019 of 8.50p per share was paid on 7 January 2020.

Other financial highlights include:

The Company has applied IFRS 16 lease accounting standard for the first time which has reduced earnings by £0.3m. Going forward, the Company will also report Adjusted EPRA Earnings which removes the effect of IFRS 16

Adjusted EPRA Earnings before tax increased to £4.4m (2018: £3.7m), mainly driven by one off dilapidations income in the current year. EPRA Earnings were £4.1m (2018: £3.7m)

Adjusted EPRA earnings per share at 8.2p (2018: 6.9p). EPRA EPS at 7.7p (2018: 6.9p)

Statutory loss before tax of £0.2m with EPRA Earnings offset by unrealised valuation movements (2018: £8.7m loss)

Net assets per share down 3.2% since 30 June 2019 at 343p (2018: 361p; 30 June 2019: 354p)

Like for like portfolio value decreased by 1.2%

Merrion Estate increased in value by 0.3% including capex, driven by asset management initiatives

Net borrowings have continued to decrease to £174.0m excluding finance leases / IFRS 16 (30 June 2019: £177.5m)

Loan to value ratio of 48.5% (30 June 2019: 48.8%) (excluding finance leases / IFRS 16)

Companies mentioned