Tigné Mall plc - Interim Results

On 30 August 2019, Tigné Mall plc published its interim results covering the six months ended 30 June 2019.

Performance Overview

During the first half of 2019, the company registered a 7.2% increase in revenue as the shopping mall remained fully occupied and the company benefitted from the contribution from the car park after the company assumed the operation of its own car park and acquired a further 132 spaces at the end of 2018. The company reported that ‘The Point’ registered an increase in footfall and tenant sales.

On the other hand, cost of sales increased by 11.9% to €1.03 million leading to a gross profit of €2.29 million representing a 5.3% increase over the corresponding figure of €2.18 million in the first six months of 2018.

After accounting for administrative expenses of €0.26 million (H1 2018: €0.22 million), the company’s operating profit amounted to €2.03 million representing a 3.4% increase from the corresponding figure for the first six months of 2018. Excluding the depreciation charge of €0.89 million (H1 2018: €0.83 million), earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to €2.91 million representing a 4.2% improvement over the corresponding figure for the first six months of 2018.

Tigné Mall plc reported an 11.9% increase in net finance costs to €0.34 million reflected the additional borrowings taken during the latter part of 2018 undertaken to acquire the aforementioned 132 car spaces.

Overall, profit before tax amounted to €1.69 million representing a 1.8% increase over the €1.66 million registered in the first six months of 2018.

The tax charge for the period under review amounted to €0.49 million representing a 6.2% decrease from the €0.53 million charge incurred during the first half of 2018. As a result, the interim net profit reached €1.19 million representing a 5.5% increase over the net profit recorded in the prior comparable period. This translates into an earnings per share of €0.0212 (H1 2018: €0.0201).

The Statement of Financial Position as at 30 June 2019, and compared to the corresponding figures as at 31 December 2018, shows that total assets contracted by 0.4% to €81.2 million mainly reflecting the depreciation charge for the year. Total liabilities also contracted by 2.2% to just over €34.1 million largely reflecting the reduction of a further 5.7% in bank borrowings to €18.4 million. Overall, the company’s equity base grew by 1% to €47 million which translates into a net asset value per share of €0.8340 (Dec 2018: €0.8260).

Dividend

The Directors declared a net interim dividend of €0.0131 per share, representing a 2% increase over the 2018 net interim dividend which will be paid on 20 September 2019 to all shareholders as at the close of trading on 10 September 2019.

Outlook

Looking ahead, the Directors noted that the trend registered in the first half of 2019 is expected to persist throughout the second six months of 2019.

Download

Tigné Mall plc – Condensed interim financial statements covering the six months ended 30 June 2019.