Trident Estates plc - Interim Results

On 11 September 2024, Trident Estates plc published its interim financial results covering the six-month period ended 31 July 2024.

Revenues surged by 40.9% to a record (at the interim stage) of €2.51 million (H1 2023/24: €1.78 million) reflecting the higher occupancy levels at Trident Park. In this respect, the company explained that management pursued further tenancy agreements and contracted 83% of the space available, with most of the tenants moving in during the period under review.

On the expenditure side, total operating costs increased by 5.9% to €0.98 million compared to €0.93 million in the same period last year as a result of increased activity within Trident Park.

Meanwhile, finance costs fell by 11.6% to €0.66 million from €0.75 million in the first half of 2023/24 as a result of renegotiated interest rates on the Group’s banking facility following the steep increase in the 3-month EURIBOR rate in 2022 and 2023.

As a result, the pre-tax profit for the period jumped to €0.91 million compared to €0.14 million in the same period last year. After accounting for a tax charge of €0.23, the net profit for the period amounted to €0.68 million compared to €0.07 million in the same period last year.

The condensed Statement of Financial Position as at 31 July 2024 when compared to the figures as at 31 January 2024 shows that total assets increased by €0.5 million to €104.5 million. Likewise, total liabilities remained relatively unchanged at €43.0 million while total equity grew by €0.7 million to €61.5 million, which translates into a net asset value per share of €1.463 (31 December 2023: €1.447).

Outlook

The Board of Directors explained that it remains cautiously optimistic that the results will continue to improve as the occupancy at Trident Park increases. Nonetheless, it expects revenues and profits to plateau once occupancy is nearly full and operations at Trident Park are fully optimised.  Meanwhile, management will continue to market the unoccupied spaces of Trident Park and already has a number of strong potential leads under.

Furthermore, the Group continues to receive enquiries and expressions of interest for the Trident House property in Qormi. Management is also undertaking a comprehensive study for the restoration of the Sliema Fort Battery as the current lease nears expiry.