Town Centre Securities announce a proposed interim dividend of 2.5p

DividendMax Ltd.

Town Centre Securities announce a proposed interim dividend of 2.5p

A Town Centre Securities plc announce a maintained interim dividend of 2.5p per share (HY23 2.5p) will be paid on the 14 June 2024 to shareholders registered on 24 May 2024; amounting to £1.1m in total. The final dividend for 2023 of 2.5p was paid on the 4 January 2024. The ex-dividend date for the interim dividend will be 23 May 2024.

Other financial highlights include:

Net assets per share - successful tender offer offset valuation decline:

o Like for like portfolio valuation down 4.4% from June 2023:

similar to the MSCI/IPD All Property Capital Index which fell by 3.9% over the period

reduction primarily due to market sentiment around the macro-economic outlook adversely impacting valuation yields - in particular in the office sector

o Statutory net assets of £124.0m or 294p per share (FY23: £141.1m, 291p). EPRA net tangible assets ('NTA')* measure at £120.6m or 286p per share (FY23 equivalent: £137.7m, 284p)

Statutory results - loss reflects valuation reduction:

o Statutory loss before tax of £9.7m (HY23: loss of £19.1m)

o Statutory loss per share of 15.3p (HY23: loss of 38.4p)

EPRA results - relative stability in underlying earnings:

o EPRA earnings of £3.8m (HY23: £1.7m) include the benefit of £1.7m of taxation credit - with the recognition of a deferred tax asset arising from brought forward trading losses

o EPRA earnings per share of 7.9p (HY23: 3.5p)

Loan to Value increased in the period from 45.6% to 50.3% following a small increase in borrowings coupled with the reduction in portfolio value

Shareholder returns:

o NAV per share enhancing tender offer completed in December 2023 (6,292,920 shares bought back in for cancellation at 150p per share including transaction costs compared to a 30 June 2023 NTA measure of 286p per share - representing 13.0% of the issued share capital of the Company at that time)

o As expected, the tender offer resulted in the Company leaving the REIT regime, with the entire profits of the business now subject to corporation tax and the recognition of deferred tax assets and liabilities.

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