Net asset value (NAV) at Town Centre Securities (TCS) fell 2.3% in the first six month of its financial year as the group deepened losses off the back of a sharp fall in revenue due to the Covid-19 pandemic.
NAV fell to £152m during the six months to the end of December, compared to £155.5m a year earlier, while the group turned in a pre-tax loss of £3.5m, from a loss of £200,000.
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Town Centre Securities PLC (TCS) today announces that Mark Dilley, Group Finance Director, is to leave the business and will stand down from the Board and his role on 28 February 2021 and begin an agreed period of garden leave. In his time at TCS, Mark has focused on supporting the business in its transformation strategy, accelerated in the past year. Mark has been instrumental in the refinancing of the business, most notably with the agreement of the innovative financing of Merrion House, Leeds, and our Burlington House private rental joint venture development in Manchester. Furthermore, Mark has focused on improving the breadth and quality of our shareholder communications and investor relations activity.
19 January 2021 | 09:01am
StockMarketWire.com - Property and developer and car park group Town Centre Securities said it had collected 76% of rents due in the December quarter.
A further 10% had agreed to be deferred, meaning 86%, or £4.5 million, of rent had been agreed for the period. We continue to experience a consistent and reassuring level of rent collection, despite the ongoing level of disruption as a result of Covid-19, chief executive Edward Ziff said. We firmly believe this reflects the quality, uniqueness and diversified nature of our portfolio and our collaborative, longstanding and strong relationships with our tenants.
At 9:01am: [LON:TOWN] Town Centre Securities PLC share price was 0p at 103.5p