Town Centre Securities (TOWN) H2 2025 earnings summary

Executive summary

• Delivered resilient performance for the year ended 30 June 2025, maintaining strong rent receipts and stable trading in core operations.

• Completed significant retail and leisure asset disposals, reducing their portfolio share to 30% and increasing exposure to residential and offices.

• Focused on reducing gearing, with 87.5% of external debt at fixed interest rates and headroom of £24.6m for future growth.

Financial highlights

• Gross revenue rose 2.3% year-over-year to £32.7m.

• EPRA earnings fell to £1.8m (from £6.3m in FY24), with EPRA EPS at 4.2p (FY24: 14p).

• Statutory loss of £3.4m, an improvement of £4.4m year-over-year.

• Proposed total dividend for FY25 is 5.0p, down from 8.5p in FY24 (which included a special dividend post-REIT exit).

• Rent receipts averaged 99.2% over the year.

Outlook and guidance

• Resilient trading has continued into the first half of FY26, with robust rent collections and ongoing recovery in car parks.

• Focus remains on core operations and advancing the development pipeline, particularly in Leeds, Manchester, and London.

• Significant headroom of £24.6m on revolving credit facilities supports future growth.