Main Street Complex plc - Interim Results

On 28 August, Main Street Complex plc published its interim financial statements covering the six months ended 30 June 2019.

Performance Overview

During the first half of 2019, revenue increased by 11.9% to almost €0.4 million reflecting an increase in footfall and occupancy levels.

On the expenditure side, total administrative and operating expenses, increased by 40% to €87,813 largely reflecting the additional costs being incurred by the Company following its IPO on the Malta Stock Exchange in May 2018.

As a result, earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to €0.31 million representing a 5.5% increase from the previous comparable figure.

After accounting for depreciation amounting to €50,574 (+2.1% over the previous comparable figure), operating profit amounted to €0.26 million compared to €0.24 million in the first half of 2018.

Meanwhile, net finance costs contracted to just €972 as the company utilised the IPO proceeds to repay its bank borrowings.

Overall, the company reported a pre-tax profit of €0.26 million for the period under review compared to a pre-tax profit of €0.2 million in the first half of 2018.

After accounting for a tax charge of €60,833 (H1 2018: €58,336), the company’s net profit amounted to almost €0.2 million representing a 29.5% increase from the comparable figure of almost €0.14 million for the six months ended 30 June 2018.

The Statement of Financial Position as at 30 June 2019 (compared to figures as at 31 December 2018) shows that total assets were relatively unchanged at €13.28 million whilst total liabilities contracted by 1.6% to €1.65 million. The company’s equity base remain relatively unchanged at €11.64 million which translates into a net asset value per share of €0.600.

Dividend

The directors declared a net interim dividend of €0.00831 per share (representing a 32% increase from the maiden interim dividend last year) which will be paid on 20 September 2019 to all shareholders as at the close of trading on 11 September 2019.

Downloads

Main Street Complex plc – Interim Report covering the six months ended 30 June 2019.