Main Street Complex plc - Interim Results

On 23 August 2023, Main Street Complex plc published its interim financial statements covering the six-month period ended 30 June 2023.

Revenues increased by 7.2% to €0.39 million which is just 1.2% below the record turnover figure of €0.40 million recorded in the first six months of 2019.

Meanwhile, operating costs increased by 0.9% to €0.16 million as the increase in general operating expenses was offset by lower administrative expenses and a lower depreciation charge. Excluding depreciation, EBITDA increased by 7.7% to €0.29 million (H1 2022: €0.27 million), which however, is still 7.3% below the EBITDA of €0.31 million recorded in the first half of 2019. The EBITDA margin of 73.0% compares favourably to 72.7% in H1 2022 but is well-below 77.8% in H1 2019.

After accounting for minimal finance costs and a tax charge of €0.06 million, the net profit for the period amounted to €0.17 million (H1 2022: €0.15 million).

The Statement of Financial Position as at 30 June 2023, compared to figures as at 31 December 2022, shows that total assets declined by 1.1% (or €0.14 million) to €12.2 million, principally composed of property, plant and equipment of €11.5 million. Total liabilities dropped by 6.9% (or €0.10 million) to €1.33 million as the company remained debt free. The company’s equity base also contracted marginally to €10.9 million which translates into a net asset value per share of €0.561.


The Directors elected to distribute a net interim dividend of €0.0072 per share, which is 7.2% higher than the corresponding net interim dividend paid in September 2022, and translates into a payout ratio of 80% (H1 2022: 85%). The dividend is payable by Tuesday 12 September 2023 to all shareholders as at close of trading on Monday 28 August 2023.


In their commentary, the Directors noted that the Main Street Complex is currently fully occupied. The Board explained that it remains cautiously optimistic despite inflation continuing to impact the business. The Directors remain cautious in view of the new shopping malls which are expected to open later this year. The company is planning a refurbishment of the mall during 2024 and 2025, which will coincide with the expiry of various concession agreements of retailers operating within the mall.