MIDI plc - Interim Results

On 30 August 2023, MIDI plc published its condensed interim financial statements covering the six-month period ended 30 June 2023.

Revenues dropped by 4.8% to €1.45 million (H1 2022: €1.52 million) reflecting a marginal decrease in rental and property management income. Meanwhile, MIDI did not recognise the sale of any units since the final residential development at Tigné Point (known as Fortress Gardens) is still under construction.

On the expenditure side, operating costs increased by 16.6% to €1.97 million reflecting higher overheads, increased marketing expenditure linked to the Fortress Gardens project, and one-off repairs and maintenance costs. Consequently, MIDI reported an operating loss of €0.52 million compared to a loss of €0.16 million last year.

Meanwhile, net finance costs decreased by 3.7% to €1.23 million while the contribution from Mid Knight Holdings Ltd (the owner of ‘The Centre’ commercial block) decreased to €0.72 million from €0.99 million in the first half of 2022.

MIDI reported a pre-tax loss of €1.02 million compared to a pre-tax loss of €0.44 million in the previous corresponding period. After accounting for a tax charge of €0.08 million, the net loss for the first half of 2023 amounted to €1.11 million.

The condensed Statement of Financial Position as at 30 June 2023, when compared to the corresponding figures as at the end of 2022, shows that the amount of total assets grew by 3.1% (or €7.3 million) to €239.2 million. Meanwhile, total liabilities increased by 6.4% (or €8.4 million) to €139.0 million reflecting higher levels of trade and other payables. Total equity declined by 1.1% (or €1.1 million) to €100.2 million, which translates into a net asset value per share of €0.4677.


In their commentary, the Directors noted that 75% of the apartments forming part of Fortress Gardens are already subject to a promise of sale but the revenue will only be recognised once the apartments will be delivered to their respective owners in the second half of 2025.

Meanwhile, with respect to the Manoel Island project, the Board noted that appeals regarding the approval of the Environmental Impact Assessment (EIA) by the Environmental and Resources Authority were rejected, thus both the EIA and the Outline Development Permit are now confirmed. Following the submission of the full development application in December 2022, site preparatory works have commenced.