Main Street Complex plc - Interim Results

On 21 August 2025, Main Street Complex plc published its interim financial statements covering the six-month period ended 30 June 2025.

Revenues decreased by 6.8% to €0.34 million (H1 2024: €0.36 million) as the footfall dropped by 21% when compared to the same period last year. The occupancy level of the retail and entertainment complex as at 30 June 2025 stood at the 90% level, in line with the previous year.

Meanwhile, operating costs surged by 19% to €0.20 million driven by higher upkeep expenses and an additional cost for the replacement of key components of the industrial chillers. As a result, operating profit fell by 28% to €0.14 million. Excluding depreciation, EBITDA decreased by 21% to €0.20 million (H1 2024: €0.25 million). Moreover, the EBITDA margin also fell to 58% from 69% in the same period last year.

After accounting for minimal finance costs and a tax charge of €0.05 million, the net profit for the period amounted to €0.09 million (H1 2024: €0.14 million).

The Statement of Financial Position as at 30 June 2025, compared to figures as at 31 December 2024, shows that total assets declined by 1.1% (or €0.12 million) to €10.6 million, principally composed of property, plant and equipment with a value of €9.9 million. Total liabilities dropped by 4.6% (or €0.06 million) to €1.17 million as the company remained debt free. The company’s equity base remained virtually unchanged at €9.5 million which translates into a net asset value per share of €0.488.

Dividend

The Board of Directors stated that no dividend will be paid in respect to the current financial year 2025.

Outlook

In their commentary, the Directors noted that the current year continues to be challenging, with a decline in footfall expected to persist, adversely affecting revenues and profitability. Furthermore, the majority of the concession agreements are set to expire between December 2025 and March 2026. The company is having negotiations with existing and potential tenants, which may require reconfiguration of spaces and a change in the business concepts of tenants operating within Main Street Complex.

Furthermore, the Board is also exploring alternative strategies aimed at revitalising the complex, including through expert evaluations, and with a longer execution period.