Trident Estates plc - Interim Results

On 13 September 2023, Trident Estates plc published its interim financial results covering the six-month period ended 31 July 2023.

Trident registered record revenues (at interim stage) of €1.78 million (H1 2022/23: €0.89 million) reflecting the higher occupancy levels at Trident Park. In this respect, the company explained that management pursued further tenancy agreements and to date contracted 80% of the space available.

On the expenditure side, total operating costs increased to €0.93 million compared to €0.55 million in the same period last year as a result of increased activity within the Trident Park property.

Meanwhile, finance costs surged to €0.75 million compared to €0.09 million in the first half of 2022/23. The board explained that following the commencement of the Trident Park operation, the Group no longer capitalises its interest costs. Nonetheless, the Directors noted that finance costs were significantly impacted by the steep increase in the 3-month EURIBOR rate.

After accounting for other income and minimal tax charges, the net profit for the period amounted to €0.07 million compared to €0.15 million in the same period last year.

The condensed Statement of Financial Position as at 31 July 2023 when compared to the figures as at 31 January 2023 shows that total assets increased by €0.5 million to €103.4 million. Likewise, total liabilities increased minimally to €43.6 million while total equity remained virtually unchanged at €59.8 million, which translates into a net asset value per share of €1.424.


The board explained that the recent tenancy agreements at Trident Park will increase the rental income over the second half of the financial year. Meanwhile, following the early termination of two lease agreements relating to two other properties within the Group’s portfolio, management managed to secure new tenants at market rates that are better than the previous rates. The Directors also noted that they continue to receive enquiries and expressions of interest in respect of the Trident House property in Qormi.