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Trident Estates plc – Full-Year Results

Jonathan Falzon

May 30, 2025

30 May, 2025
5 min read
30 May, 2025
5 min read

Following last week's article detailing the performance of the S&P 500 index in 2025, it is worth devoting time to review the developments across the European equity markers in my last article of the year.

Financial Performance

On 29 May 2025, Trident Estates plc published its Annual Report & Financial Statements for the year ended 31 January 2025.

Revenues surged by 31% to €5.52 million (FY2023/24: €4.22 million) reflecting the improved occupancy at Trident Park which reached 86% as at the end of the financial year. The company explained that it has also managed to increase the income from the rest of the portfolio following several renewals of lease agreements.

On the expenditure side, operating costs dropped by 10% to €1.81 million, resulting in a record operating profit of €3.71 million, which is 68% higher than the €2.21 million recorded in the previous financial year.

The financial performance was boosted by a €2 million fair value uplift relating to Trident House following multiple offers received for an outright sale of the asset as well as a favourable final Court of Appeal decision on a long-standing court case involving a squatter who claimed ownership.

Furthermore, net finance costs fell by 11% to €1.33 million.

Overall, Trident generated a profit before tax of €4.38 million. After accounting for a tax charge of €1.11 million, the net profit amounted to €3.27 million (FY2023/24: €1.05 million).

The Statement of Financial Position as at 31 January 2025 shows that total assets increased by 2% (or €2.3 million) to €106 million, principally composed of investment property totalling €99.4 million and includes a cash balance of €1.81 million. Total liabilities fell by 2% (or €1.0 million) to €42.2 million. Total debt stood at €32.3 million, including €4 million in lease liabilities. Total equity increased by 5% (or €3.3 million) to €64.0 million, which translates into a net asset value per share of €1.525 (31 January 2024: €1.447).

Dividend

The Directors of Trident resolved to recommend a final net dividend of €0.0119 per share, which will be the first dividend in six years. The dividend will be paid on Friday 27 June 2025 to shareholders as at the close of trading on Friday 30 May 2025, subject to approval at the upcoming AGM to be held on Thursday 26 June 2025.

Outlook

In his commentary, the Chairman explained that the Group is well positioned to weather the current storm of an over supplied office market. He noted that the high standards of design and environmentally friendly features at Trident Park have enabled the Group to negotiate above average rentals as those being obtained in the newly named ‘Central Business District’ formerly known as ‘Mriehel’.

Acknowledging the opportunities for growth, the Group is conducting an initial study to investigate potential development opportunities. Likewise, with respect to Trident House (Qormi), management is studying options to determine the most advantageous to the company.

The Burger King outlet in Paceville will be closing in the final quarter of 2025 for around 6 months to undertake essential repairs to the property.

Furthermore, the company plans to undertake a restoration project for the Sliema Fort building in Sliema, representing a significant investment. Meanwhile, management are in advanced discussions with a prospective new tenant who is committed to making a substantial capital investment in the property. This, in conjunction with the restoration efforts, are expected to revitalize the premises as a highly sought-after destination.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

On 29 May 2025, Trident Estates plc published its Annual Report & Financial Statements for the year ended 31 January 2025.

Revenues surged by 31% to €5.52 million (FY2023/24: €4.22 million) reflecting the improved occupancy at Trident Park which reached 86% as at the end of the financial year. The company explained that it has also managed to increase the income from the rest of the portfolio following several renewals of lease agreements.

On the expenditure side, operating costs dropped by 10% to €1.81 million, resulting in a record operating profit of €3.71 million, which is 68% higher than the €2.21 million recorded in the previous financial year.

The financial performance was boosted by a €2 million fair value uplift relating to Trident House following multiple offers received for an outright sale of the asset as well as a favourable final Court of Appeal decision on a long-standing court case involving a squatter who claimed ownership.

Furthermore, net finance costs fell by 11% to €1.33 million.

Overall, Trident generated a profit before tax of €4.38 million. After accounting for a tax charge of €1.11 million, the net profit amounted to €3.27 million (FY2023/24: €1.05 million).

The Statement of Financial Position as at 31 January 2025 shows that total assets increased by 2% (or €2.3 million) to €106 million, principally composed of investment property totalling €99.4 million and includes a cash balance of €1.81 million. Total liabilities fell by 2% (or €1.0 million) to €42.2 million. Total debt stood at €32.3 million, including €4 million in lease liabilities. Total equity increased by 5% (or €3.3 million) to €64.0 million, which translates into a net asset value per share of €1.525 (31 January 2024: €1.447).

Dividend

The Directors of Trident resolved to recommend a final net dividend of €0.0119 per share, which will be the first dividend in six years. The dividend will be paid on Friday 27 June 2025 to shareholders as at the close of trading on Friday 30 May 2025, subject to approval at the upcoming AGM to be held on Thursday 26 June 2025.

Outlook

In his commentary, the Chairman explained that the Group is well positioned to weather the current storm of an over supplied office market. He noted that the high standards of design and environmentally friendly features at Trident Park have enabled the Group to negotiate above average rentals as those being obtained in the newly named ‘Central Business District’ formerly known as ‘Mriehel’.

Acknowledging the opportunities for growth, the Group is conducting an initial study to investigate potential development opportunities. Likewise, with respect to Trident House (Qormi), management is studying options to determine the most advantageous to the company.

The Burger King outlet in Paceville will be closing in the final quarter of 2025 for around 6 months to undertake essential repairs to the property.

Furthermore, the company plans to undertake a restoration project for the Sliema Fort building in Sliema, representing a significant investment. Meanwhile, management are in advanced discussions with a prospective new tenant who is committed to making a substantial capital investment in the property. This, in conjunction with the restoration efforts, are expected to revitalize the premises as a highly sought-after destination.