On 11 August 2023, Tigné Mall plc published its interim results covering the six-month period ended 30 June 2023.
Revenue increased by a further 6.7% to a record (at interim stage) of €4.09 million (H1 2022: €3.84 million) as the positive effects of strong consumer demand and improved tourism numbers outweighed the prevailing inflationary pressures, resulting in an improvement to both fixed and variable rental income.
On the expenditure side, operating costs increased by 3.2% to €1.53 million, leading to an operating profit of €2.57 million compared to €2.36 million recorded in the same period last year. Excluding depreciation, EBITDA amounted to €3.59 million (H1 2022: €3.38 million) which translates into an unchanged EBITDA margin of 88%.
After accounting for net finance costs of €0.21 million and a tax charge of €0.43 million, the net profit for the period amounted to a record of €1.93 million, which is 20.5% higher than the €1.60 million figure recorded in the first half of 2022.
The Statement of Financial Position as at 30 June 2023 when compared to the position at 31 December 2022 shows that total assets remained virtually unchanged at €91.5 million, principally composed of ‘Property, Plant & Equipment’ of €80.3 million and cash balances of €4.0 million. Meanwhile, total liabilities dropped by 6.2% (or €2.0 million) to €30.5 million as Tigné Mall continued to reduce its borrowings. As a result, the company’s equity base expanded by 3.3% to €60.9 million, which translates into a net asset value per share of €1.08.
The Directors of Tigné Mall declared a record net interim dividend of €0.0136 per share, which is 2.3% higher than last year’s interim dividend despite representing a lower payout ratio of 40% (H1 2022: 47%). The dividend is payable on 7 September 2023 to all shareholders as of the close of trading on 23 August 2023.
The Directors explained that they will continue working on employing various strategies to attract and engage shoppers, and to retain Tigné Mall’s position as the retail destination of choice. Management strives to achieve this by combining a visually appealing environment, a diverse retail mix, entertainment, appealing food and beverage options, events, effective marketing, and community engagement.