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Town Centre Securities PLC hailed ‘a year of continued resilience’, as its loss narrowed and net asset value fell. The Leeds, England-based property investor, car park and hotel operator reported a pretax loss of £1.1 million for the financial year to June 30, narrowed from £11.2 million a year prior. Gross revenue edged 2.7% higher to £29.8 million from £29.0 million, but net revenue, owing to higher service charge and property expenses, fell 9.2% to £14.9 million from £16.3 million. The company reported a net asset value per share of 266 pence, down 4.7% from 279p a year earlier. Net assets were £112.3 million, down from £117.4 million. EPRA net tangible assets per share were 4.0% lower at 261p from 272p. Shares in the company were 0.2% lower at 126.79 pence on Friday morning in London. Town Centre Securities proposed a final dividend of 2.5p, up from nothing the prior year. Its total dividend for the period was 5.0p, down 42% from 8.5p, which it this reflects its leaving of the REIT regime in the prior year. Looking ahead, Town Centre Securities said it is focused on its core operations and bringing forward its developments. It aims to continue exploring opportunities within traditional real estate in Leeds, Manchester and London, coupled with ‘complementary areas’, that can both add value and diversify risk. ‘This was a year of continued resilience for Town Centre Securities, despite international geopolitical and domestic issues causing uncertainty in the UK economy. We have focused on our core operations, maintaining a cautious approach rooted in financial prudence, and positioning TCS for long-term value creation,’ said Chair & Chief Executive Edward Ziff. ‘Our attention is focused on both our core operations and on investing in our development programme over the coming years. However, we remain mindful that taking advantage of potentially accretive opportunities needs to be balanced against retaining robust finances.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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