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Town Centre Securities PLC on Friday said it profited from a diversified portfolio as it gained on investments during its financial year.
The Leeds, England-based property investment and car parking operator swung to an annual pretax profit of £11.0 million in the year ended June 30 from a loss of £576,000 a year prior.
Revenue climbed 36% to £25.4 million from £18.7 million.
The company reported a gain on valuation movement on investment properties of £3.5 million, surging steeply from £63,000. Further, it incurred a gain on disposal of investment properties of £4.6 million, swinging from a loss of £2.3 million.
Town Centre proposed a 2.5 pence per share annual dividend, up 43% from 1.75p. The total dividend stood at 4.25p, growing 21% from 3.5p.
Looking ahead, the company cited its diversified portfolio and ‘strong’ pipeline but noted a weak sterling as well as rising interest rates, construction costs and economic pressures on rent affordability amid high inflation.
‘Following the good work of the last two years, I am excited by our diversified portfolio and the potential of our strong development pipeline. I believe these show we have a sound business that is well placed for the future and can only benefit as more and more people return to normal city life,’ said Chair & Chief Executive Edward Ziff.
Town Centre shares were 1.6% higher at 154.88 pence each in London on Friday afternoon.
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