Tigné Mall plc - Interim Results

On 3 August 2018, Tigné Mall plc published its interim results covering the six months ended 30 June 2018.

Performance Overview

During the first half of 2018, the Company registered a 5.7% increase in revenue as the shopping mall remained fully occupied whilst registering an increase in footfall and tenant sales largely reflecting the decision to open the mall on Sundays throughout the year.

On the other hand, cost of sales increased by 15.1% to €0.9 million leading to a gross profit of €2.18 million representing a 2.2% increase over the corresponding figure of €2.13 million in the first six months of 2017.

After accounting for administrative expenses of €0.22 million (H1 2017: €0.21 million), the Company’s operating profit amounted to €1.96 million representing a 2% increase from the corresponding figure for the first six months of 2017. Excluding the depreciation charge of €0.83 million (H1 2017: €0.72 million), the Company’s earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to just under €2.8 million representing a 5.8% improvement over the corresponding figure for the first six months of 2017.

Tigné Mall plc reported a 17.2% reduction in net finance costs to €0.3 million on the back of accelerated bank loan repayments.

Overall, profit before tax amounted to €1.66 million representing a 6.5% increase over the €1.56 million registered in the first six months of 2017.

The tax charge for the period under review amounted to €0.53 million representing a 4% increase from the €0.51 million charge incurred during the first half of 2017. As a result, the interim net profit reached €1.1 million representing a 7.7% increase over the net profit recorded in the prior comparable period. This translates into an earnings per share of €0.0201 (H1 2017: €0.0186).

The Statement of Financial Position as at 30 June 2018, and compared to the corresponding figures as at 31 December 2017, shows that total assets contracted by 0.7% to €77.7 million mainly reflecting the depreciation charge for the year. Total liabilities also contracted by 2.1% to just over €31.8 million largely reflecting the reduction of a further 6.5% in bank borrowings to €16.48 million. Overall, the Company’s equity base grew by 0.9% to almost €46 million which translates into a net asset value per share of €0.8153 (Dec 2017: €0.8082).

Dividend

The Directors declared an unchanged net interim dividend of €0.0128 per share which will be paid on 31 August 2018 to all shareholders as at the close of trading on Tuesday 14 August.

Outlook

Looking ahead, the Directors noted that the trend registered in the first half of 2018 is expected to persist throughout the second six months of 2018.

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Tigné Mall plc – Condensed interim financial statements covering the six months ended 30 June 2018.