Trident Estates plc - Full-Year Results

On 12 May 2021, Trident Estates plc published its Annual Report & Financial Statements for the year ended 31 January 2021.

Performance Overview  

During the period under review, Trident Estates generated €1.14 million in revenues representing a drop of just under 1% over the previous comparable period as the company decided to provide discounts and rental abatements to a number of tenants in recognition of business disruptions caused by the pandemic. On the expenditure side, operating costs surged by 18.6% to €0.79 million, mainly due to increases in employee benefit expenses. Similarly, net finance costs increased minimally to €0.18 million (FY2019/20: €0.16 million) as the company did not benefit from any finance income. Meanwhile, the financial performance of Trident was boosted by a fair value gain on investment property of €0.56 million while no similar adjustments were recorded in the previous financial year. This upward revision was mainly due to the increase in the fair value of Trident House which is located in Marsa.

Overall, Trident reported a pre-tax profit of €0.74 million compared to €0.33 million in the 2019/20 financial year. After accounting for a tax charge of €0.19 million, the net profit for the year amounted to €0.55 million.

The Statement of Financial Position shows that total assets increased by almost 8% to €68.8 million reflecting the higher value of investment property under development – namely Trident Park – to €39.0 million against a value of €22.7 million as at the end of January 2020. Meanwhile, current assets dropped to €2.4 million from €14.3 million largely due to the reduction in cash and cash equivalents as the company utilised the remaining proceeds from the November 2019 rights issue to fund works on the Trident Park development.

Total liabilities also increased considerably to €15.8 million (31 January 2020: €11.4 million) mainly due to increases in trade and other payables while bank borrowings remained largely unchanged from the previous financial year. Overall, shareholders’ funds increased by 1% to €53.1 million which, in turn, translates into a net asset value per share of €1.264 (31 January 2020: €1.251).

Dividend

In view of the current uncertainty caused by the ‘COVID-19’ pandemic, the Directors resolved not to recommend the payment of a dividend.

Outlook

In their commentary, the Directors explained that although the disruptions brought about by the pandemic resulted in further delays in the development of Trident Park, the project is now nearing completion and the first tenants are expected to be welcomed by Q3 of 2021. The Directors also added that 40% of the available space has already been taken up whilst a higher occupancy rate is expected to be reached in the coming months.

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Trident Estates plc – Annual Report & Financial Statements for the year ended 31 December 2021

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