On 27 May 2022, Trident Estates plc published its Annual Report & Financial Statements for the year ended 31 January 2022.
Revenues eased by 2.3% to €1.13 million reflecting the support provided by Trident Estates to its tenants operating in the catering sector with a view of mitigating the adverse impact of the pandemic.
On the expenditure side, operating costs increased by 1.6% to €0.81 million whilst net finance costs remained virtually flat at €0.18 million. Nonetheless, the profit before tax recorded by Trident dropped substantially to €0.14 million compared to €0.74 million in the 2020/21 financial year reflecting the non-recurrence of positive adjustments to the fair value of investment property which in 2020/21 amounted to €0.56 million.
After accounting for a tax charge of €0.08 million, Trident Estates recorded a net profit of €0.06 million.
The Statement of Financial Position shows that total assets increased by 22.4% to €84.3 million reflecting the additional works carried out towards the completion of Trident Park. Similarly, total liabilities increased by €15.4 million to €31.1 million as the company took on additional borrowings in relation to the Trident Park project. Overall, shareholders’ funds remained at €53.1 million which, in turn, translates into a net asset value per share of €1.2655.
In their commentary, the Directors provided an update on the works being carried out at Trident Park as occupancy levels contracted for to date are at over 50%. In this respect, Trident Estates noted that despite the challenging economic climate, it expects occupancy to increase in the coming months as the Trident Park project opens up and more potential tenants will be exposed to the completed premises. Meanwhile, Trident Estates added that it is looking at the options available for Trident House as this property (which sits on a site measuring circa 13,600 sqm) will be vacated by January 2025.