Town Centre Securities (TOWN)

Sector:

Property Investment Trusts

Index:

FTSE Fledgling

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

Net assets rise comfortably at Town Centre Securities

By Josh White

Date: Wednesday 26 Sep 2018

LONDON (ShareCast) - (Sharecast News) - Property investment, development and car parking company Town Centre Securities announced its audited final results for the year ended 30 June on Wednesday, reporting a 6.8% improvement in EPRA net assets per share to 384p.
The London-listed firm said its full-year, fully-covered dividend had increased to 11.75p from 11.50p, with it now having held or improved its dividend every year for the past 58 years.

Statutory profit before tax was £18.4m, rising from £6.7m last year, with and statutory earnings per share ahead at 34.6p from 12.7p, which the board said reflected portfolio revaluation gain and disposals.

EPRA profit before tax did drop 1.9% to £6.9m, which was put down to the timing of strategic disposals, with EPRA earnings per share also down 1.9% at 13.0p.

On the financing front, Town Centre said it had headroom of more than £30m following the Merrion House financing and Ducie House purchase in July, up from £12m headroom in the 2017 financial year.

Its loan-to-value ratio was 47.5% as at 30 June, down from 49.3% year-on-year, with its pro forma loan-to-value at 45.3% post the Merrion House financing in July.

"The business has undergone considerable change in recent years as part of a strategy to reposition the portfolio, ensure a resilient income stream, and to unlock growth for the future," said chairman and chief executive officer Edward Ziff.

"In the past two years we have reduced our exposure to retail and leisure from 70% to 55% of the portfolio. We are very pleased with the progress made and feel confident about the future."

Ziff said that, in those two years the company had disposed of more than 8% of the portfolio, during which time it managed to hold EPRA profitability "broadly flat" and increased net asset value by 8%.

"Furthermore, we have strengthened the balance sheet, improved our banking facilities and lowered leverage.

"Our recent financing activity increased capital headroom, however we continue to explore new capital raising options in order to facilitate our significant development pipeline."

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TOWN Market Data

Currency UK Pounds
Share Price 87.00p
Change Today -0.50p
% Change -0.57 %
52 Week High 232.00
52 Week Low 81.50
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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