MIDI plc - Interim Results

On 30 August, MIDI plc announced its 2011 half-year results revealing a substantial increase in revenues to €22.6 million (June 2010: €9.1 million) of which €20.5 million (or 85% of total revenue) emanated from the execution of the final deeds of sale of 23 residential apartments in Block T10. Moreover, the Directors explained that ‘The Point’ shopping mall together with the car park showed a steady increase in activity levels and contributed €2 million to overall Group revenue. The MIDI Group registered a pre-tax profit of €1.79 million (June 2010: €0.84 million).

The balance sheet as at 30 June 2011 shows that total assets declined by 4.5% to €241 million mainly due to the decline in inventory levels following the completion and sale of residential apartments. Borrowings dropped by 7% to €92 million as the Group repaid some of its borrowings during the period under review.

In its Interim Report, the MIDI Group explained that during the first half of the year, the retail outlets on Pjazza Tigne were completed with a number of the units being leased out and expected to open for business in the coming months. Moreover, construction works were focused on the final stages of Tigne North underground levels comprising garages and parking spaces together with significant infrastructural investment expenditure in plant rooms, access roads and services necessary to support the Tigne Point Development. Finishing works on 22 designer apartments overlooking Pjazza Tigne are also proceeding on schedule for their expected launch before the end of the current financial year.

In a press release issued on the same day, MIDI’s CEO Mr Ben Muscat explained that during the second half of the year, the Group is expected to continue delivering T10 apartments to their new owners. However, the number of deliveries of apartments is expected to be lower than the first half of 2011. Meanwhile, MIDI explained that it is finalising detailed plans for the final phases at Tigne Point which comprise a mix of residential, offices and retail units with construction works on these phases expected to commence in 2012.

MIDI did not recommend the payment of an interim dividend.

Download a copy of the 2011 Interim Report of MIDI plc