MIDI plc - Updated Financial Analysis Summary

On 14 June 2024, MIDI plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position in 2024:

• Revenues are expected to amount to €3.14 million (2023: €4.07 million) reflecting solely the income from rental activities. In this respect, MIDI explained that although more than 80% of the 63 apartments forming part of the ongoing Q3 development are already subject to a promise of sale agreement and deposits were received, the revenue cannot be recognised until the final sale deed is published. The final deeds are expected to be signed in the second half of 2025.
• EBITDA is expected to be negative €0.75 million compared to EBITDA of €0.24 million in the previous year, due to lower revenue and higher cost of sales in relation to remedial works being carried out.
• Net finance costs are expected to decrease by 7.9% to €2.49 million from €2.70 million in the previous year.
• The share of profit from the joint venture that operates ‘The Centre’ at Tigné Point is anticipated to amount to €1.69 million compared to €1.56 million in 2023.
• Total debt is projected to remain at €73.3 million, when including €15.5 million in lease liabilities. Consequently, the gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to rise to 43.4% from 42.4% as at the end of 2023.
• MIDI’s debt-to-asset ratio is expected to remain unchanged at the 0.29 times level.