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Interim Results

Town Centre Securities's FY profit halved

14 September 2016 07:47

Town Centre Securities has more than halved its statutory FY pretax profit to £11.9m, from £24.0m. Net assets per share was up 3.8% to 357p, from 344p.

The company hiked its FY dividend to 11p, from 10.44p.

Chairman and CEO Edward Ziff said:

"As I write this statement we are facing an extended period of uncertainty as a result of the Brexit vote on 23 June 2016.

"There is no doubt that the market increases in value we have seen in the last couple of years have come to an end, but our portfolio has not seen the Brexit effects reported in central London and the end of year values reflect the hard work we have done in recent times. In fact we have seen excellent valuation results from some of our assets, particularly the development sites.

"While the market absorbs the unfolding story of our exit from the European Union we will carry on doing what we have always done - we have an exciting development programme which will add three top quality assets to our investment portfolio while increasing rental income and net assets significantly and we will continue to generate gains through our intensive management activities.

"I am particularly pleased to announce a 5.4% increase in our dividend this year; we are now confident that the increases in income from these three schemes will flow through to earnings over the next two to three years".

Story provided by StockMarketWire.com

Related Company: TOWN

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