Town Centre Securities (TOWN)

Sector:

Property Investment Trusts

Index:

FTSE Fledgling

87.00p
   
  • Change Today:
    -0.50p
  • 52 Week High: 232.00p
  • 52 Week Low: 81.50p
  • Currency: UK Pounds
  • Shares Issued: 53.07m
  • Volume: 20,423
  • Market Cap: £46.17m

Town Centre Securities confident of increasing earnings despite Brexit

By Maryam Cockar

Date: Wednesday 14 Sep 2016

LONDON (ShareCast) - (ShareCast News) - Leeds-based property investment and car parking company, Town Centre Securities' lifted its dividend as net assets grew modestly but profit for the year were halved and the company cautioned about the heightened uncertainty around the Brexit vote.
Statutory profit for the year halved to £11.9m, which includes a property revaluation surplus which fell significantly by 76% to £3.5m.

The European Public Real Estate Association (EPRA) accounting standard profit before tax rose slightly by 1.5% to £6.6m, in line with expectations. The CitiPark car parking business generated an improved operating profit of 30% to £2.2m due to acquisitions over the last two years.

Chairman and chief executive Edward Ziff said the company was facing an extended period of uncertainty as a result of the Brexit vote.

"There is no doubt that the market increases in value we have seen in the last couple of years have come to an end, but our portfolio has not seen the Brexit effects reported in central London and the end of year values reflect the hard work we have done in recent times. In fact we have seen excellent valuation results from some of our assets, particularly the development sites."

He said the company's development programme, which will add three "top quality" assets to the investment portfolio while increasing rental income and net assets "significantly" should continue to generate gains through intensive management activities.

"We are now confident that the increases in income from these three schemes will flow through to earnings over the next two to three years."

Statutory earnings per share were down to 22.4p from 45.1p last year. EPRA earnings per share were up slightly to 12.4p from 12.1p.

Net assets and EPRA net assets rose 3.8% to £189.9m, representing 357p per share, as there was a 2.2% like-for-like increase in the value of the investment property portfolio, reflecting a reversionary yield of 6.4%.

Net debt increased by 3.7% to £185.8m due to expenditure on development schemes.

The company recommended a final dividend of 7.9p per share, which together with the interim dividend of 3.1p, gives a total of 11p per share, a 5.4% increase to be paid on 4 January 2017.

Shares in Town Centre Securities were up 1.11% to 317.50p at 0800 BST on Wednesday.

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TOWN Market Data

Currency UK Pounds
Share Price 87.00p
Change Today -0.50p
% Change -0.57 %
52 Week High 232.00p
52 Week Low 81.50p
Volume 20,423
Shares Issued 53.07m
Market Cap £46.17m

TOWN Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
57.81% above the market average57.81% above the market average57.81% above the market average57.81% above the market average57.81% above the market average
22.22% above the sector average22.22% above the sector average22.22% above the sector average22.22% above the sector average22.22% above the sector average
Price Trend
89.6% below the market average89.6% below the market average89.6% below the market average89.6% below the market average89.6% below the market average
94.74% below the sector average94.74% below the sector average94.74% below the sector average94.74% below the sector average94.74% below the sector average
Income
27.57% above the market average27.57% above the market average27.57% above the market average27.57% above the market average27.57% above the market average
25% below the sector average25% below the sector average25% below the sector average25% below the sector average25% below the sector average
Growth
74.76% below the market average74.76% below the market average74.76% below the market average74.76% below the market average74.76% below the market average
88.89% below the sector average88.89% below the sector average88.89% below the sector average88.89% below the sector average88.89% below the sector average

What The Brokers Say

Strong Buy 1
Buy 1
Neutral 0
Sell 0
Strong Sell 0
Total 2
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

TOWN Dividends

  Latest Previous
  Final Interim
Ex-Div 03-Dec-20 28-May-20
Paid 05-Jan-21 26-Jun-20
Amount 1.75p 3.25p

Trades for 23-Oct-2020

Time Volume / Share Price
15:28 1,590 @ 85.66p
13:51 5,621 @ 88.34p

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