12th Feb 2014 08:40
LONDON (Alliance News) - Town Centre Securities PLC Wednesday reported an increase in profit and revenue for the first half, reflecting a strong performance across the business.
The property developer posted pretax profit of GBP12.3 million for the period ended December 31, 2103, leaping from GBP117,000 a year earlier. This improvement reflects a 4% increase in the value of the company's investment portfolio.
The investment portfolio is now valued at GBP291.1 million, compared with GBP281.7 million at the end of 2012.
Revenue for the period rose to GBP11.5 million from GBP11.3 million, reflecting a strong performance across the company's property and car park portfolio.
The Leeds-based firm said rental income from its investment properties amounted to GBP8.9 million, up from GBP8.7 million in 2012, while car par revenue remained unchanged at GBP2.5 million.
Overall occupancy levels across its property portfolio held steady at 98%, while more than 60 letting transactions took place during the period.
The company said it plans to start refurbishment work at the Merrion Centre multi-storey car park in Leeds. The car park complements the firm's shopping complex, which has a number of new tenants including Costa Coffee. New retail and leisure units are progressing at the site with over 70% currently let or exchanged, the company added.
Financially, Town Centre Securities said gross borrowings at the end of the period increased to GBP158.1 million from GBP153.4 million in December 2012, but declined from GBP159.1 million at June 30, 2013.
The board proposed an unchanged interim dividend of 3.1 pence per share.
Shares were up 0.7% at 228.10 pence early Wednesday.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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