Urban Exchange-owner TCS upbeat
TOWN Centre Securities today signalled an improvement in sentiment towards the regional property market as it announced positive half-year results.
The Leeds-based group owns the Urban Exchange retail outlet on the edge of Manchester city centre, home to Aldi and Go Outdoors, and other assets around the Piccadilly Basin.
It announced an improvement in underlying profit and increases in the value of its investment portfolio and net assets over the six months to the end of 2013.
Chairman and chief executive Edward Ziff said: “I am delighted that we are now seeing an improved sentiment towards the regional property market. Our investments in the major cities of Leeds, Manchester, Edinburgh and Glasgow have seen improvements in valuation in the first half year.
“I am very pleased to report a 4% increase in the value of our investment portfolio and a 6% increase in net assets during the first half. Our strong asset management capability continues to maintain our high occupancy levels which in turn underpin our rental income and profitability. Our performance remains in line with our expectations and we look forward to the future with greater confidence.”
The group said gross revenue was up marginally from £11.2m to £11.4m, and underlying profit before tax was £4m, up from £3.8m last time. Underlying earnings per share 7.5p, up from 7.2p. Net asset value per share is 283p, up from 263p while the group’s gross borrowings reduced to £158.1m.
