Leeds-based property investor and car park operator Town Centre Securities said its statutory profit before tax rose £9.8 million to £12.4 million for the six months ended December 31, 2017, including a £6.4 million gain “from net movement on investment property valuation.”
Revenue rose 12% to £15.3 million.
Town Centre Securities said the latest phase of its development programme was successfully delivered, with completion of ibis Styles and Premier Inn hotels in Leeds — and with the Merrion House development achieving practical completion on January 29 on time and budget, completing the £70 million 10-year Merrion Centre programme.
The firm said it had a significant pipeline of developments in place including Burlington House, a 91-unit residential development in Manchester’s Piccadilly Basin, and a joint venture with Leeds City Council for construction of an 128 unit apart-hotel with retail units alongside Leeds City Market and Victoria Gate.
Town Centre Securities chairman and CEO Edward Ziff said: “We are very pleased with the results for the first half of the year, with an increase in the value of our portfolio driving an improved statutory profit.
“To have maintained EPRA profitability close to last year’s levels, despite a significant level of strategic disposals and continued investment in our business, demonstrates the strength of the recently completed development programme.
“We continue to successfully progress considerable change within our portfolio.
“The combination of asset recycling, intensive asset management, and a strong development pipeline ensure that our future potential is being enhanced, whilst providing new opportunities for growth in income and capital values.
“These opportunities require funding, and having self-funded over £85 million of investment in recent years, we are exploring how we might fund investments in our future growth.
“The strength of our portfolio, and the success of the most recent development phase have allowed us to be bold in the sale of more mature assets.
“Furthermore, the strength of our CitiPark business continues to support financial delivery, whilst also bringing new opportunities such as YourParkingSpace.co.uk.
“We look forward to the future with confidence.“