Town Centre Securities delivers 'resilient and stable performance'
Town Centre Securities has revealed that it delivered a “resilient and stable performance” over the last half year as it continued to invest in its portfolio.
The property investment, development, hotel and car parking company, reported a statutory profit before tax of £2.8m in the six months ended December 31 2024, compared with a loss of £9.7m in the same period the year before.
Commenting on the half year results, Chairman and Chief Executive Edward Ziff, said: "The last six months have been a period of stability for TCS with all three operating divisions continuing to deliver resilient underlying revenues and earnings."
"Inflation has fallen, albeit still above the Government's target of 2 per cent, and interest rates have been reduced slightly, however uncertainty around the geopolitical situation and its effect on the wider economy still presents a challenge.
"With a diversified and well balanced portfolio and continued low levels of variable interest rate debt, I remain confident that we are in a strong position in these uncertain times."
"We have a resilient business with committed employees and an engaged executive team, however I continue to be disappointed by the wide share price discount to the net tangible asset value that TCS shares trade on.
"This is obviously disappointing for all our stakeholders, but we will continue to focus on the deliverability of our long-term growth plan while ensuring financial prudence."
"Our attention remains focused on investing in our existing portfolio, in particular our single largest asset, the Merrion Centre, and our development programme.
"However, we are also looking at other investments, both in traditional real estate opportunities and complementary situations that can add value and further diversify our risk.
"We remain ever mindful that taking advantage of potentially accretive opportunities needs to be balanced against retaining robust finances."
In December 2023 a planning application was submitted for student accommodation as part of the Merrion Centre's evolution, the statement to accompany the results said.
It added: “This application, which has not yet been presented to the Leeds Plans Panel, incorporates a 1,110 new bed purpose built student accommodation scheme based on the redevelopment of Wade House and the adjacent 100MC site.
"We are continuing to work through the design of these buildings, addressing both changes in regulation and feedback from statutory consultees.”
Following the securing of a planning consent at Whitehall Riverside in Leeds in May 2023, TCS said it was continuing to move forward with both build contractors and professional teams and potential tenants for all phases of the development.