Town Centre Securities (TOWN)

Sector:

Property Investment Trusts

Index:

FTSE Small Cap

202.00p
   
  • Change Today:
      3.00p
  • 52 Week High: 262.00p
  • 52 Week Low: 171.00p
  • Currency: UK Pounds
  • Shares Issued: 53.07m
  • Volume: 6,050
  • Market Cap: £107.21m
  • Beta: 0.28

Town Centre Securities keeps head above water in tough retail market

By Josh White

Date: Wednesday 17 Jul 2019

LONDON (ShareCast) - (Sharecast News) - Property investor and car park operator Town Centre Securities ended its year in line with its expectations, it said in a trading update on Wednesday.
The London-listed company said it continued to deliver on the strategy of repositioning its portfolio, investing in its estate, and delivering and improving its development pipeline.

Its board said the firm had continued to produce consistent operational results despite the challenging market during the year ended 30 June, adding that it remained focussed on delivering improving long-term returns.

As at the end of June, Town Centre's like-for-like passing rent was up 2.6%, which it said was driven by new lettings at Milngavie, though that was slower than the 4.1% growth reported a year ago.

Its overall occupancy level was 96%, compared to 95% a year earlier, with the board also reporting that "strong" credit control ensured at least 94% of its rent was paid within four days of the due date.

The company's CitiPark operation also continued to grow its revenues and profits.

"We continue to improve the business for the long term in line with our strategy of repositioning our portfolio, strengthening it through asset management and investing in our development pipeline," said chairman and chief executive officer Edward Ziff.

"I am particularly pleased with the completion of Burlington House, our private rented sector property in Piccadilly Basin, Manchester.

"It is a high-quality asset and its early popularity re-enforces our belief in the wider Piccadilly Basin development opportunity."

Ziff said the firm had been able to mitigate the continued disruption within the retail sector through its "proven ability" to quickly re-let units impacted by company voluntary arrangements and administrations, while improving rents.

"This highlights the quality of our assets and the fact that stronger performing retailers trade well within them.

"We are not complacent however, and our sale this year of Rochdale Retail park reinforces our willingness to continue to focus on recycling our portfolio, this freeing up funds for investment and development."

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

TOWN Market Data

Currency UK Pounds
Share Price 202.00p
Change Today 3.00p
% Change 1.51 %
52 Week High 262.00p
52 Week Low 171.00p
Volume 6,050
Shares Issued 53.07m
Market Cap £107.21m
Beta 0.28

TOWN Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
59.13% above the market average59.13% above the market average59.13% above the market average59.13% above the market average59.13% above the market average
77.78% above the sector average77.78% above the sector average77.78% above the sector average77.78% above the sector average77.78% above the sector average
Price Trend
50.5% below the market average50.5% below the market average50.5% below the market average50.5% below the market average50.5% below the market average
83.78% below the sector average83.78% below the sector average83.78% below the sector average83.78% below the sector average83.78% below the sector average
Income
47.69% above the market average47.69% above the market average47.69% above the market average47.69% above the market average47.69% above the market average
58.82% above the sector average58.82% above the sector average58.82% above the sector average58.82% above the sector average58.82% above the sector average
Growth
28.15% below the market average28.15% below the market average28.15% below the market average28.15% below the market average28.15% below the market average
65.71% below the sector average65.71% below the sector average65.71% below the sector average65.71% below the sector average65.71% below the sector average

What The Brokers Say

Strong Buy 2
Buy 0
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 05-Dec-19 23-May-19
Paid 07-Jan-20 21-Jun-19
Amount 8.50p 3.25p

Trades for 22-Oct-2019

Time Volume / Share Price
12:42 8,000 @ 203.50p
13:00 1,100 @ 202.00p
13:00 2,450 @ 203.00p
12:32 1,381 @ 201.10p
10:29 1,000 @ 200.00p

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