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Interim Results

Jonathan Falzon

September 26, 2025

26 September, 2025
4 min read
26 September, 2025
4 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 26 September 2025, Trident Estates plc published its interim financial statements covering the six-month period ended 31 July 2025.

Revenues increased by 12.6% to a record (at the interim stage) of €2.82 million (H1 2024/25: €2.51 million) reflecting the higher occupancy levels at Trident Park. In this respect, the company explained that management pursued further tenancy agreements and contracted 86% of the space available, with the majority of the contracted tenants already physically occupying the leased spaces.

On the expenditure side, total operating costs increased by 9.1% to €1.07 million compared to €0.98 million in the same period last year.

Meanwhile, finance costs remained unchanged from the previous year at €0.67 million.

As a result, the pre-tax profit surged by 23.9% to €1.13 million compared to €0.91 million in the same period last year. After accounting for a tax charge of €0.41 million, the net profit for the period amounted to €0.71 million compared to €0.68 million in the same period last year.

The condensed Statement of Financial Position as at 31 July 2025, when compared to the figures as at 31 January 2025, shows that total assets increased by €0.9 million to €107.1 million. Meanwhile, total liabilities rose by €0.7 million to €42.2 million while total equity increased by €0.2 million to €64.3 million, which translates into a net asset value per share of €1.530 (31 January 2025: €1.525).

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 as it is continually adapting and reconfiguring the vacant units at Trident Park to better meet market demand.

With respect to the Trident House property in Qormi, management continued to receive offers from serious parties interested in acquiring the property, while still evaluating all options to determine the best use of this asset.

The company is planning restoration and property repairs at the Sliema Point Battery and the Burger King outlet in Paceville.

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 26 September 2025, Trident Estates plc published its interim financial statements covering the six-month period ended 31 July 2025.

Revenues increased by 12.6% to a record (at the interim stage) of €2.82 million (H1 2024/25: €2.51 million) reflecting the higher occupancy levels at Trident Park. In this respect, the company explained that management pursued further tenancy agreements and contracted 86% of the space available, with the majority of the contracted tenants already physically occupying the leased spaces.

On the expenditure side, total operating costs increased by 9.1% to €1.07 million compared to €0.98 million in the same period last year.

Meanwhile, finance costs remained unchanged from the previous year at €0.67 million.

As a result, the pre-tax profit surged by 23.9% to €1.13 million compared to €0.91 million in the same period last year. After accounting for a tax charge of €0.41 million, the net profit for the period amounted to €0.71 million compared to €0.68 million in the same period last year.

The condensed Statement of Financial Position as at 31 July 2025, when compared to the figures as at 31 January 2025, shows that total assets increased by €0.9 million to €107.1 million. Meanwhile, total liabilities rose by €0.7 million to €42.2 million while total equity increased by €0.2 million to €64.3 million, which translates into a net asset value per share of €1.530 (31 January 2025: €1.525).

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 as it is continually adapting and reconfiguring the vacant units at Trident Park to better meet market demand.

With respect to the Trident House property in Qormi, management continued to receive offers from serious parties interested in acquiring the property, while still evaluating all options to determine the best use of this asset.

The company is planning restoration and property repairs at the Sliema Point Battery and the Burger King outlet in Paceville.