Plaza Centres plc - Interim Results

On 1 August 2019, Plaza Centres plc (“Plaza”) published its interim financial results covering the six-month period ended 30 June 2019.

Performance Overview

During the first six months of 2019, revenues increased by 10% to €1.72 million (H1 2018: €1.56 million), largely reflecting the higher contribution from Tigné Place (the commercial premises acquired by Plaza on 27 September 2016) following completion of all scheduled refurbishment works in 2018. In fact, a higher level of occupancy was recorded of 91% as at 30 June 2019 compared to 87% as at the end of June 2018.

Despite the increased turnover, operating expenses contracted by 3.3% to €0.31 million. As a result, EBITDA surged by 13.4% to a record of €1.4 million.

Deprecation charges increased by a marginal 1.7% to €0.27 million. On the other hand, net finance costs contracted by almost 18% to €0.19 million reflecting the realisation of some investments and other related income as well as a slight drop in finance costs.

Overall, Plaza posted a pre-tax profit of €0.94 million compared to €0.74 million in H1 2018. After accounting for a tax charge of €0.24 million, Plaza’s net profit for the period under review stood at €0.7 million compared to the €0.54 million generated in the first six months of 2018.

The condensed Statement of Financial Position as at 30 June 2019 shows that total assets eased by 0.5% to €45.8 million when compared to the amount of €46 million as at 31 December 2018. Total liabilities remained virtually unchanged at almost €18 million whilst total equity contracted slightly to €27.9 million translating into a net asset value per share of €0.9881.

Dividend

Similar to previous years, and in line with the company’s dividend policy of only paying a final dividend, the Directors did not recommend the payment of an interim dividend.

Outlook

In their commentary, the Directors noted that whilst remaining alert to external market forces, they are not anticipating a significant change in the company’s performance over the next six months.

Download

Plaza Centres plc – Half-Yearly Report for the period ended 30 June 2019.