Tigné Mall plc - Interim Results

On 27 August, Tigné Mall plc published its interim results covering the six months ended 30 June 2014.

Performance Overview

During the first half of 2014, the Company registered a 6.7% increase in revenue to €2.46 million on the back of further increases in footfall and tenant sales whilst the shopping mall remained fully let. Operating expenses also increased by 8.5% to €0.97 million. Nonetheless, the Company still reported a 5.5% improvement in operating profit to €1.49 million. The operating profit margin during the first half of the year of 60.6% is slightly lower than the comparative period at 61.3%.

The Company’s financial performance was also positively impacted by a 26% drop in net finance costs to €0.54 million as its debt balance was reduced by a further €0.93 million since December 2013.

Overall, Tigné Mall plc reported a pre-tax profit of €0.95 million, 39.5% higher than the comparable figure in the first six months of 2013. After accounting for a tax charge of €0.45 million (H1 2013: €0.34 million), the Company’s net profit for the period under review amounted to just under €0.5 million compared to €0.34 million in the first half of 2013. This translates into earnings per share of €0.0088 (H1 2013: €0.0072).

The condensed Statement of Financial Position shows a 1.3% drop in total assets to €58.9 million which mainly relates to the depreciation charge on the Company’s property, plant and equipment. The Company also reported a 1.8% decrease in total liabilities to €30.4 million largely attributable to the aforementioned reduction in borrowings. Likewise, the Company’s capital and reserves decreased by 0.7% as the profit registered during the first half of 2014 was offset by the final dividend payment with respect to the previous financial year. The net asset value per share as at 30 June 2014 was of €0.504.

Dividend

The Directors declared a net interim dividend of €0.0063 per share which will be paid on 26 September to all shareholders as at the close of trading on 22 August. The Directors confirmed that this payment is in line with the projections at the time of the IPO.

Outlook

Looking ahead, the Directors noted that they expect the level of activity registered during the first half of the year to be maintained during the latter half of 2014.

Download

Tigné Mall plc – Interim Financial Statements as at 30 June 2014.