Main Street Complex plc - Full-Year Results

On 24 April 2023, Main Street Complex plc published its Annual Report and Financial Statements for the year ended 31 December 2022.

Performance Overview

Revenue increased by 23.4% to €0.79 million, which however is still 4% lower than the record revenues of €0.82 million generated in 2019.  In this respect, the company explained that during 2022, business conditions recovered substantially with overall footfall increasing by 27% over the previous year and a 9% increase when adjusted to factor the days the complex was closed in 2021. Nonetheless, footfall in 2022 was still 15% below the record levels of 2019.

On the expenditure side, total operating costs increased by 7.4% to €0.32 million reflecting marginal increases across all expense items. Excluding depreciation, EBITDA surged by 29.1% to €0.57 million whilst operating profit (‘EBIT’) improved considerably to €0.46 million (2021: €0.34 million) but remained 10.5% below the record EBIT of €0.52 million registered in 2019. As a result, the EBITDA margin improved to 73% (2021: 69.8%) while the EBIT margin climbed to 58.9% (2021: 52.7%) but remained below the margins achieved prior to the pandemic.

Overall, Main Street Complex reported a pre-tax profit of €0.46 million compared to €0.34 million in 2021. After accounting for a tax charge of €0.12 million, net profit amounted to €0.34 million which translates into a return on average equity of 3.05% (2021: 2.09%; 2019: 3.36%).

The Statement of Financial Position as at 31 December 2022 shows that total assets eased by 5.4% to €12.3 million largely reflecting the reduction of €0.68 million in the value of property, plant and equipment. Total liabilities dropped by 9.7% to €1.43 million principally due to lower trade and other payables. Shareholders’ funds contracted by 4.8% to €10.9 million which translates into a net asset value per share of €0.563 (31 December 2021: €0.591).


The Directors of Main Street Complex are recommending the payment of a final net dividend of €0.0109 per share to shareholders as at close of trading on 30 May 2023, subject to shareholders’ approval during the upcoming Annual General Meeting scheduled to be held on 12 June 2023. The final dividend is expected to be paid by not later than 16 June 2023.

Coupled with the net interim dividend per share of €0.00671 which was paid out in September 2022, the total net dividend for the year amounts to a record of €0.0176 per share (9.7% higher than the total net dividend of €0.0161 for FY2018), representing the company’s entire earnings generated throughout the year.


In their commentary, the Directors stated the shopping complex is fully occupied and the footfall in the first quarter of 2023 exceeded that of the same period last year.

The Directors also explained that in view that a number of concession agreements expire between 2024 and 2025, and also taking into consideration the upcoming shopping mall developments across the island, the company is currently embarking on a plan for a soft refurbishment and reconfiguration of spaces with the aim of giving a refreshed image and retaining Main Street Complex as an important and attractive destination in the region. The Directors concluded that they remain confident that the strong brand image that Main Street Complex has accumulated over the years will continue to attract visitors and tenants, leading to continued positive results in the future.