Main Street Complex plc - Interim Results

On 27 August 2020, Main Street Complex plc published its interim financial statements covering the six-month period ended 30 June 2020.

Performance Overview

During the first half of 2020, revenues contracted sharply to €0.22 million (H1 2019: €0.4 million) reflecting the impact of ‘COVID-19’ including the temporary closure of the complex from 23 March to 4 May 2020.

Operating costs dropped by 16% to €0.12 million (H1 2019: €0.14 million) as the company took several initiatives at keeping expenses to a minimum reflecting the subdued business activity. Excluding depreciation charges, EBITDA dropped by just more than half to €0.15 million (H1 2019: €0.31 million). Meanwhile, net finance costs amounted to a minimal €818 compared to €972 in the first half of the 2019 financial year.

Overall, Main Street Complex reported a pre-tax profit of just under €0.1 million. After accounting for a tax charge of €0.03 million, the company’s net profit amounted to €0.06 million (H1 2019: €0.2 million).

The Statement of Financial Position as at 30 June 2020, compared to figures as at 31 December 2019, shows that total assets dropped by 1.5% to €13.2 million mostly due to lower amounts in trade and other receivables. Total liabilities contracted by 15.1% to €1.5 million reflecting lower trade and other payables whilst the company’s equity base increased slightly to €11.7 million which, in turn, translates into a net asset value per share of €0.605.

Dividend

Having given due consideration to the continued uncertainty and reduced profitability resulting from ‘COVID-19’, the Board of Directors decided that it is prudent at this stage not to recommend the payment of an interim dividend. Nonetheless, the matter will be kept under review and further announcements in this respect will be published as and when appropriate.

Outlook

Main Street Complex explained that during and following the period of closure, it reached out to its concessionaires and offered them temporary support. Furthermore, all concessionaires except one re-opened for business immediately upon the lifting of the health restrictions. Although footfall levels following re-opening have generally risen gradually, it remains to be seen whether these levels can be sustained in the coming months. The Board of Directors is committed to continue to evaluate the current economic and business uncertainties, and take decisions aimed at striking the right balance between the immediate and medium-term requirements of the company and its stakeholders. In the present scenario, the Board remains satisfied that the company’s strong financial position with no debt will enable it to continue to absorb the negative repercussions brought about by ‘COVID’ in the foreseeable future, and remains optimistic about the future outlook of the company.

Downloads

Main Street Complex plc – Interim Report covering the six months ended 30 June 2020.