Tigné Mall plc - Interim Results

On 2 August 2024, Tigné Mall plc published its interim results covering the six-month period ended 30 June 2024.

Revenue remained unchanged at €4.09 million as the Company continued to benefit from the positive effects of strong consumer demand and improved tourism numbers, despite the prevailing inflationary pressures.

On the expenditure side, operating costs increased by 9% to €1.66 million reflecting higher a depreciation charge following an increase in capital expenditure. In fact, while operating profit fell by 5.4% to €2.43 million, EBITDA remained unchanged at the €3.59 million level. As a result, the EBITDA margin remained at the 88% level.

After accounting for net finance costs of €0.23 million and a tax charge of €0.40 million, the net profit for the period amounted to €1.80 million, which is 6.4% lower than the record interim profit of €1.93 million recorded in the first half of 2023.

The condensed statement of financial position as at 30 June 2024, when compared to the position at 31 December 2023, shows that total assets remained virtually unchanged at €91.9 million, principally composed of ‘Property, Plant & Equipment’ of €80.6 million. Meanwhile, total liabilities dropped by 6.1% (or €1.9 million) to €28.7 million as the company continued to reduce its borrowings. As a result, the company’s equity base expanded by 2.9% (or €1.8 million) to €63.2 million, which translates into a net asset value per share of €1.121.

Dividend

The Directors of Tigné Mall declared a record net interim dividend of €0.01445 per share, which is 6.3% higher than last year’s interim dividend. The dividend represents a payout ratio of 45% (H1 2023: 40%) and is payable on Wednesday 28 August 2024 to all shareholders as of the close of trading on Monday 12 August 2024.

Outlook

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.