Profits rise at Town Centre Securities

REFURBISHED: Merrion House will be the main city office base for Leeds City Council. PIC: Richard Walker/www.imagenorth.net
REFURBISHED: Merrion House will be the main city office base for Leeds City Council. PIC: Richard Walker/www.imagenorth.net
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Town Centre Securities saw its pre-tax profit increase by £9.8m to £12.4m, with improved valuations of its investment portfolio behind the surge.

The firm saw a £6.4m gain from net movement on the valuation of its investment properties in its results for the six month period to December 31, 2017.

The Leeds-based firm saw net assets per share increase 4.3 per cent with an interim dividend 3.25p per share.

Its like-for-like investment portfolio value increased by 0.3 per cent, compared with a 1.4 per cent decrease last year.

Town Centre Securities also reported the completion last month of the redevelopment of Merrion House, the 175,000 sqft office building including a 50,000 sqft extension

It is also working on George Street, a recently announced joint venture with Leeds City Council for construction of an 128 unit apart-hotel with retail units alongside Leeds City Market and Victoria Gate.

Liberium placed a buy notice on TCS shares following the update.