Trident Estates plc - Interim Results

On 18 September 2019, Trident Estates plc published its interim financial results covering the six-month period ended 31 July 2019.

Performance Overview

During the period under review, Trident registered an 8.3% increase in revenue to €0.58 million from €0.53 million in the same period last year. The increase in revenue largely reflects the annual inflationary adjustments to lease agreements and accounting for the new Scotsman Pub lease for a full period.

On the expenditure side, total operating costs decreased by 19.3% to €0.34 million (H1 2018/19: €0.42 million) reflecting the impact of the new accounting standard on leases (IFRS 16). In this respect, the Company noted that in the previous comparable period it accounted for almost €0.1 million in lease expenses whereas in the period under review it only accounted for just under €0.04 million in amortisation.

Furthermore, Trident recorded just under €0.1 million in finance costs largely reflecting the portion of leases accounted for as finance costs as per the newly established IFRS 16.

Overall, the company reported a pre-tax profit of €0.14 million. However, after accounting for tax charges of €0.12 million (H1 2018/19: €0.12 million), Trident posted a net profit of just €0.01 million compared to a minimal net loss in the previous comparable period.

The condensed Statement of Financial Position as at 31 July 2019 (compared to the figures as at 31 January 2019) shows that total assets increased by 11.4% to €47.6 million and total liabilities increased from €4.9 million to just under €10 million. Total equity remained virtually unchanged at €37.6 million. This translates into a net asset value per share of €1.255 (31 January 2019: €1.261).

Dividend

The Directors did not declare an interim dividend and shall determine the extent of any final dividend on the basis of the full year results.

Trident Park project

The company explained that the Trident Park project continued to progress well and within the approved budget of €45 million. Furthermore, Trident remains committed to welcome new tenants in the first quarter of 2021.

Rights Issue

To date, the Trident Park project has been financed by the Group’s own funds. Going forward, the project will be funded through the available bank facilities amounting to €28.5 million as well as a €15 million rights issue. The preparation phase for the rights issue is at an advanced stage and a company announcement will be issued once the documents are finalised and submitted for final approval.

Downloads

Trident Estates plc – Condensed Interim Financial Statements for the six-month period ended 31 July 2019.