TCS Group hails a resilient performance
Leeds-headquartered property investment, development, hotel and car parking company, Town Centre Securities, (TCS) today hailed a ‘resilient and stable’ performance in challenging economic conditions.
In the six months to 31 December, the group reported statutory profit before tax of £2.8m compared to a loss of £9.7m last time. TCS revealed a 0.8% drop in the value of its portfolio on the back of weak sentiment in the office market.
The company said it is focused on its long-term growth plan, investing in its existing portfolio, in particular its single largest asset, the Merrion Centre, and exploring new opportunities while maintaining ‘financial prudence’.
Chairman and chief executive Edward Ziff, said: “The last six months have been a period of stability for TCS with all three operating divisions continuing to deliver resilient underlying revenues and earnings.”
“Inflation has fallen, albeit still above the Government’s target of 2 percent, and interest rates have been reduced slightly, however uncertainty around the geopolitical situation and its effect on the wider economy still presents a challenge. With a diversified and well-balanced portfolio and continued low levels of variable interest rate debt, I remain confident that we are in a strong position in these uncertain times.”
“We have a resilient business with committed employees and an engaged executive team. However, I continue to be disappointed by the wide share price discount to the net tangible asset value that TCS shares trade on. This is obviously disappointing for all our stakeholders, but we will continue to focus on the deliverability of our long-term growth plan while ensuring financial prudence.”
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