Trident Estates plc - Full-Year Results

On 29 May 2025, Trident Estates plc published its Annual Report & Financial Statements for the year ended 31 January 2025.

Revenues surged by 31% to €5.52 million (FY2023/24: €4.22 million) reflecting the improved occupancy at Trident Park which reached 86% as at the end of the financial year. The company explained that it has also managed to increase the income from the rest of the portfolio following several renewals of lease agreements.

On the expenditure side, operating costs dropped by 10% to €1.81 million, resulting in a record operating profit of €3.71 million, which is 68% higher than the €2.21 million recorded in the previous financial year.

The financial performance was boosted by a €2 million fair value uplift relating to Trident House following multiple offers received for an outright sale of the asset as well as a favourable final Court of Appeal decision on a long-standing court case involving a squatter who claimed ownership.

Furthermore, net finance costs fell by 11% to €1.33 million.

Overall, Trident generated a profit before tax of €4.38 million. After accounting for a tax charge of €1.11 million, the net profit amounted to €3.27 million (FY2023/24: €1.05 million).

The Statement of Financial Position as at 31 January 2025 shows that total assets increased by 2% (or €2.3 million) to €106 million, principally composed of investment property totalling €99.4 million and includes a cash balance of €1.81 million. Total liabilities fell by 2% (or €1.0 million) to €42.2 million. Total debt stood at €32.3 million, including €4 million in lease liabilities. Total equity increased by 5% (or €3.3 million) to €64.0 million, which translates into a net asset value per share of €1.525 (31 January 2024: €1.447).

Dividend

The Directors of Trident resolved to recommend a final net dividend of €0.0119 per share, which will be the first dividend in six years. The dividend will be paid on Friday 27 June 2025 to shareholders as at the close of trading on Friday 30 May 2025, subject to approval at the upcoming AGM to be held on Thursday 26 June 2025.

Outlook

In his commentary, the Chairman explained that the Group is well positioned to weather the current storm of an over supplied office market. He noted that the high standards of design and environmentally friendly features at Trident Park have enabled the Group to negotiate above average rentals as those being obtained in the newly named ‘Central Business District’ formerly known as ‘Mriehel’.

Acknowledging the opportunities for growth, the Group is conducting an initial study to investigate potential development opportunities. Likewise, with respect to Trident House (Qormi), management is studying options to determine the most advantageous to the company.

The Burger King outlet in Paceville will be closing in the final quarter of 2025 for around 6 months to undertake essential repairs to the property.

Furthermore, the company plans to undertake a restoration project for the Sliema Fort building in Sliema, representing a significant investment. Meanwhile, management are in advanced discussions with a prospective new tenant who is committed to making a substantial capital investment in the property. This, in conjunction with the restoration efforts, are expected to revitalize the premises as a highly sought-after destination.