24th Feb 2021 12:09
(Alliance News) - Town Centre Securities PLC on Wednesday said it had made progress in resetting the business for the future with further reduction of retail assets as a proportion of the portfolio.
The UK-based property investment and car parking operator said its pretax loss in the six months to the end of 2020 widened to GBP3.5 million from GBP200,000 a year ago.
During the half year, the company said targeted retail asset sales totalled GBP41.2 million, which has reduced absolute borrowing levels by 20% to GBP147.6 million as at the end of 2020 compared to GBP183.6 million at the end of June 2020.
"The past six months have been critical in the resetting and reinvigorating of the business, and I am particularly pleased with both the progress of our disposal programme, and the resilience of the continuing portfolio. The reduction in absolute borrowing levels gives both additional security and, as the disposal programme continues, the ability to reinvest in the long-term growth opportunities in our development pipeline," explained Chair & Chief Executive Edward Ziff.
The company declared an interim dividend of 1.75 pence, down from 3.25p paid a year prior.
Town Centre Securities shares were trading 11% higher in London on Wednesday morning at 121.64p each.
By Evelina Grecenko; [email protected]
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