Main Street Complex plc - Interim Directors’ Statement

On 12 November 2019, Main Street Complex plc published an Interim Directors’ Statement updating the market on its performance since the start of the year. In this respect, the company explained that various positive developments gave rise to continued improvement, including an 8% increase in footfall to the highest ever recorded since the Main Street Complex opened for business 15 years ago, the lease of all vacant space by July 2019, increases in rental rates charged to tenants as well as the new income from the PV panels and the operation of the car park. Furthermore, the company noted that savings in finance costs as a result of a debt-free balance sheet outweighed the increase in administrative and other operating expenses.

Looking ahead, the Directors of Main Street Complex plc explained that the launch of the new café and restaurant at the mall’s roof terrace is expected to further bolster the positive footfall seen over the past months. However, despite the positive trend and the growth in business, the Directors added that due to the delay in reaching full occupancy, the 2019 financial targets as set out in the IPO Prospectus dated 23 April 2018 are likely to be slightly missed. The company had projected a net profit for the year of €0.42 million and indicated a net dividend of €0.0218 per share. Instead, Main Street Complex plc is now expecting to reach these targets in the 2020 financial year.

In conclusion, the Directors expressed their optimism that Main Street Complex will continue to operate at full capacity as the company actively looks ahead for prospective investments that would lead to the eventual expansion of the company and its business.