Main Street Complex plc - Full-Year Results

On 28 April 2025, Main Street Complex plc published its Annual Report and Financial Statements for the year ended 31 December 2024.

Revenue decreased by 11.4% to €0.72 million (2023: €0.81 million) reflecting the non-renewal of three tenancy agreements which expired in March 2024. As a result, occupancy as at the end of 2024 dropped to 90.4% compared to 98.5% as at the end of 2023.

Total operating costs increased by 6.1% to €0.35 million due to higher operating expenses, some of which would have been typically recovered by tenants. Excluding depreciation, EBITDA slumped by 18.0% to €0.48 million. Meanwhile, operating profit (EBIT) dropped by 23.5% to €0.37 million compared to €0.48 million in 2023. As a result, the EBITDA margin fell to 66.3% (2023: 71.7%) while the EBIT margin decreased to 51.1% (2023: 59.2%).

Overall, Main Street Complex reported a pre-tax profit of €0.37 million (2023: €0.48 million). After accounting for a tax charge of €0.11 million, net profit amounted to €0.25 million which translates into a return on average equity of 2.49% (2023: 3.24%).

The Statement of Financial Position as at 31 December 2024 shows that total assets decreased by 13.1% (or €1.6 million) to €10.8 million reflecting the lower property value on the balance sheet of €10.0 million compared to €11.4 million as at the end of 2023. Total liabilities decreased by 15.3% (-€0.2 million) to €1.23 million as the company remained free from any borrowings. Total equity fell by 12.8% (or €1.4 million) to €9.52 million which translates into a net asset value per share of €0.491 (31 December 2023: €0.564).

Dividend

The Directors of Main Street are recommending the payment of a final net dividend of €0.008 per share (2023: €0.011). Coupled with the interim net dividend of €0.0054 (2023: €0.0072) per share paid in September 2024, the total net dividend for the financial year 2024 amounts to €0.0134 per share, which is 26% lower than the previous year.

The final net dividend will be payable to shareholders as at the close of trading on 11 June 2025 subject to shareholders’ approval at the upcoming Annual General Meeting on the same date.

Outlook

In his commentary, the Chairman explained that the slowdown in activity at the complex continued to negatively impact results. Some outlets at the complex have remained vacant and a general downturn in the appetite of retailers to further invest in new premises has been observed.  The Chairman noted that discussions with existing and prospective tenants are underway. In this respect, while a number of tenants are interested in renewing concession agreements, concerns remain among existing and prospective tenants about rising competition in the retail sector. The Board has also embarked on an exercise to explore alternative strategies aimed at maximising the return on the company’s property.