By Michael Susin
The Town Center Securities PLC said Wednesday that it swung to a pre-tax profit in the first half of fiscal year 2022, driven by a recovery after Covid-19 in all of its segments.
The real estate investment firm reported a pre-tax profit of £ 10.5 million ($ 13.7 million) for the six months ended December 31, from a loss of GBP3.5 million for the same period a year ago.
Gross income increased to GBP12.9 million from GBP10.4 million, while rental income returned to pre-pandemic levels.
The company said that the continued recovery from the first half of the year has continued into the opening months of 2022 and that it is looking for acquisition opportunities.
However, Town Center Securities said it expects the Ukraine conflict to have an inflationary impact on its business, including changes in consumer spending, higher real estate costs, rising construction costs and affordable rental rates.
“We remain committed to delivering on our accelerated four-pillar strategy by: actively managing our assets, maximizing available capital, investing in our development pipeline and acquiring and improving investment assets to diversify our portfolio,” it said.
The shares at 0920 GMT rose 1.5 pence or 1.1% to 141.0 pence.
Write to Michael Susin at [email protected]