Main Street Complex plc - Interim Results

On 22 August 2022, Main Street Complex plc published its interim financial statements covering the six-month period ended 30 June 2022.

Revenues rebounded by over 62% to €0.36 million which is just 7.9% below the record turnover figure of €0.40 million recorded in the first six months of 2019.

Operating costs surged by 14.3% to €0.15 million reflecting the higher level of business which resulted in an increase in administrative and operating expenses, as well as the higher level of depreciation charges. Excluding depreciation charges, EBITDA increased to €0.27 million (H1 2021: €0.14 million) whilst the EBITDA margin improved to 72.7% compared to 63.5% in H1 2021 and 77.8% in H1 2019.

Overall, Main Street Complex posted a pre-tax profit of €0.21 million (H1 2021: €0.09 million). After accounting for a tax charge of €0.06 million, the company’s net profit amounted to €0.15 million (H1 2021: €0.05 million).

The Statement of Financial Position as at 30 June 2022, compared to figures as at 31 December 2021, shows that total assets contracted by 1.6% to €12.8 million mostly due to lower amounts in trade and other receivables. Total liabilities dropped by 8% to €1.46 million reflecting lower trade and other payables. The company’s equity base also contracted marginally to €11.4 million which, in turn, translates into a net asset value per share of €0.587.

Dividend

The Directors elected to distribute a net interim dividend of €0.00671 per share which translates into a payout ratio of 84.8%. The dividend is payable by Monday 12 September 2022 to all shareholders as at close of trading on Thursday 25 August 2022.