Main Street Complex plc - Full-Year Results

On 25 April 2022, Main Street Complex plc published its Annual Report and Financial Statements for the year ended 31 December 2021.

Performance Overview

Revenues rebounded by 23.2% to €0.64 million which however is still 22.2% lower than the record revenues of €0.82 million posted in 2019.  In this respect, the company explained that during 2021 it continued to support its tenants with a view of mitigating the adverse impact of the pandemic. Furthermore, while business conditions recovered substantially during the second half of the year, the company was negatively impacted by the closure of Debenhams outlet which was the largest store within Main Street Complex.

On the expenditure side, total operating costs remained at €0.19 million as Main Street Complex continued to implement cost containment and cash preservation measures. As a result, EBITDA surged by 35.8% to €0.44 million whilst operating profit (“EBIT”) nearly doubled to €0.34 million but this remained 35% lower than the record EBIT of €0.52 million posted in 2019.

Overall, Main Street Complex reported a pre-tax profit of €0.34 million compared to €0.22 million in 2020. After accounting for a tax charge of €0.09 million, net profit amounted to €0.24 million which, in turn, translates into a return on average equity of 2.09% (2020: 1.24%; 2019: 3.36%).

The Statement of Financial Position as at 31 December 2021 shows that total assets eased by 1.7% to €13 million largely reflecting the reduction of €0.54 million in value of property which offset the increase in cash balances to €0.58 million from €0.26 million as at the end of 2020. Total liabilities remained virtually unchanged at €1.58 million. As a result, the company’s equity base contracted by 1.8% to €11.5 million which, in turn, translates into a net asset value per share of €0.591 (31 December 2020: €0.602).


The Directors of Main Street Complex are recommending the payment of a net dividend of €0.01243 per share which translates into a payout ratio of almost 100%. The dividend is payable on 27 May 2022 to all shareholders as at close of trading on 4 May 2022.


In their commentary, the Directors stated that they are optimistic that further recovery will be registered during 2022 and beyond, unless the escalation of the conflict between Russia and Ukraine or other unforeseen circumstances dampen economic dynamics or negatively impact the operations of Main Street Complex. The company also added that the areas vacated by the Debenhams franchisee in 2021 have been leased out to two new brands. One of the new tenants started operations in March 2022 whilst another new tenant occupying a larger space is expected to open in Q2 2022 following extensive investment being done by the franchisee.