REG - Town Centre Secs. - Half Yearly Report <Origin Href="QuoteRef">TCSC.L</Origin>

Town Centre SecuritiesAnnouncement

24/02/2015 07:01

RNS Number : 6592F
Town Centre Securities PLC
24 February 2015
24 February 2015
Town Centre Securities PLC
Half year results for the six months ended 31 December 2014
Town Centre Securities PLC, the Leeds based property investor and car park operator, today announces its results for the six months ended 31 December 2014.
Financial Highlights:
 Underlying profit before tax 3.4m (2013: 4.0m)
 Underlying earnings per share 6.5p (2013: 7.5p)
 Net asset value per share 326p (2013: 283p; 30 June 2014: 308p)
 Interim dividend of 3.1p (2013: 3.1p)
 Total accounting return 8.2% for the six months to 31 December 2014 (2013: 8.7%, 12 months to 31 December 2014: 18.9%)
 Statutory earnings per share 25.0p (2013: 23.2p)
 Total net borrowings of 159.1m (2013: 157.5m; 30 June 2014: 160.5m)
 Loan to value of 47% (2013: 50%)
Operational Highlights:
 Continuing emphasis on hands on property management:
o Overall occupancy level 97% (2013: 98%; June 2014: 98%)
o 99 management transactions during the 6 month period 
o Merrion Centre 
 New Front and car park construction work complete
 Morrisons new 25 year lease completed and store expansion and refurbishment on site shortly
 Merrion House redevelopment deal progressing as planned
 Hotel refurbishment opportunity being explored
 Land purchase completed and work started on site on Waitrose at Milngavie, Glasgow
 Purchase of retail unit on Princes Street, Edinburgh let to Mountain Warehouse for 2.4m at 6% yield
 Sales at Victoria Gate, Leeds and Apperley Bridge, Bradford raise 10m
 Progress on Whitehall Road, Leeds and Piccadilly Basin, Manchester developments
 Car parking profits up and another acquisition completed
Commenting on the results, Edward Ziff, Chairman and Chief Executive said;
"Town Centre Securities PLC has delivered a total shareholder return of 21% over the last 12 months ahead of the wider real estate sector. The first half has seen good performance and values have continued to move forward as the market begins to appreciate the attractions of regional property compared to stretched London valuations. Rental income growth is expected and we are also growing income through active management especially at the Merrion Centre. The car park business provides another opportunity for income growth and we continue to expand these operations.
"Our strong asset management capability continues to maintain our high occupancy levels which in turn underpin our rental income and profitability. Our performance remains in line with our expectations and we look forward to the future with confidence as the regional economy continues to benefit from the ripple effect of economic growth."
For further information, please contact:
Town Centre Securities PLC
www.tcs-plc.co.uk
Edward Ziff, Chairman and Chief Executive
0113 222 1234
Duncan Syers, Finance Director
MHP Communications
020 3128 8100
Reg Hoare / Adam Leviton / Gina Bell
Chairman and Chief Executive's Statement
Results
Underlying profit before tax for the six months ended 31 December 2014 amounted to 3.4m (2013: 4.0m). Underlying earnings per share amounted to 6.5p (2013: 7.5p). With a portfolio valuation increase in the first half of 9.1m (2013: 8.2m) statutory profit before tax amounted to 13.3m (2013: 12.3m).
Rental income from investment properties was 7.9m (2013: 8.9m); the fall reflecting the impact of the 17.3m of property disposals (including Park Row Leeds completed in July 2014). Income from car parks was 3.0m (2013: 2.5m) benefitting from underlying growth and the acquisition of Clements Road, Ilford.
Property and administrative expenses totalled 4.4m (2013: 4.0m) and net finance costs decreased to 3.4m (2013: 3.9m) reflecting the impact of the sales of properties.
Net assets increased by 5.8% to 173.5m (June 2014: 163.9m). Net assets per share increased to 326p (2013: 283p; 30 June 2014: 308p). Triple net asset value was 162.1m, representing 305p per share (2013: 160.3m, 301p per share).
Dividends
The interim dividend of 3.1p per share (2013: 3.1p) will be paid as a Property Income Distribution and will amount to 1.6m. It will be paid on 26 June 2015 to shareholders registered on 29 May 2015. The final dividend for 2014 amounting to 3.9m was paid on 6 January 2015.
Review of property management activities
Our asset management team has maintained the quality and occupancy of our portfolio having completed over 99 leasing transactions during the period.
Across the whole portfolio occupancy levels remain strong at 97% (2013: 98%; June 2014: 98%). Rent collections continue to be robust with over 99% collected within five days of the most recent quarter date.
Merrion Centre
In the Merrion Centre the New Front Arena Quarter development is complete with a total spend of 5.6m on the retail units producing an ERV of 0.8m, a yield of 14% producing a valuation gain of over 8m. We are in numerous negotiations to let the remaining units and we are working hard to maximise the value of this scheme. The car park refurbishment is now complete and it is fully open for business trading under our new CitiPark brand.
In the main mall we successfully relocated Peacocks and 3 Store who were open and trading again before Christmas. This has enabled Morrisons to increase the size of their store by 20%. They will be on site shortly and are undertaking a complete refurbishment at the same time.
We are on track with the redevelopment of Merrion House with Leeds City Council as the tenant. This will involve adding 50,000 sq ft of new space and refurbishing the existing 120,000 sq ft. On completion Leeds City Council will take a new 25 year lease.
We are also progressing the 7.5m redevelopment of the Merrion Hotel and we hope to begin work during 2015/16.
Other properties
We are on site with our Waitrose development in Scotland and construction is going well. We completed on the purchase of the land at a cost of 3m in the summer.
We completed the purchase of 126 Princes Street, Edinburgh for 2.4m. The unit is let to Mountain Warehouse at 148,000 pa representing a net initial yield of 6%.
We also completed 2 significant disposals:
 Our property and joint venture interests in the Victoria Gate development in Leeds were sold for 4.6m
 Our site at Apperley Bridge, Bradford was sold to a housebuilder for 5m. After site preparation costs of around 0.9m this represents a profit of 1.8m on our cost of 2.3m in 2012
We also completed the transactions announced at the time of the final results in September namely, the sale of Park Row, Leeds for 7.5m and the purchase of Duke Street, London W1 for 3.1m.
We also continue to progress our development sites:
We are preparing the marketing plan for 91 new residential units at Piccadilly Basin, Manchester for which we received planning consent during the period
We expect to receive consent shortly for a 70,000 sq ft office building on Whitehall Riverside in addition to the 200,000 sq ft building currently being marketed. The smaller site already has a hotel consent
Car parking
Car park revenues for the period have increased to 3.0m (2013: 2.5m) with underlying profitability of 1.4m (2013: 1.4m). Although the Merrion Centre operation is down on last year as a result of the refurbishment work there all other sites have shown strong growth. The initial rebranding of our acquisition at Clements Road, Ilford is complete and we are starting to see the benefits in income. We also completed the acquisition of a 19 year leasehold 220 space basement car park in Clipstone Street, London W1 in December for 0.8m.
Financing
Total net borrowings at 31 December 2014 were 159.1m (2013: 157.5m; 30 June 2014: 160.5m) giving a loan to value ratio of 47% (2013: 50%; 30 June 2014 49%). We have 106.0m First Mortgage Debenture Stock 2031 and have drawn 53.1m against our 90m of revolving credit facilities and overdraft of 5m. The revolving credit facilities are due for renewal between 29 February 2016 and 30 September 2016. There is significant headroom in our facilities and we are operating well within our loan to value and interest cover covenants.
Valuation
Our investment properties were valued at 313.6m at 31 December 2014 and our development properties are carried at 22.8m. 315.0m of the total property portfolio was valued by our external valuers with the remainder valued by the Directors. On a like for like basis and ignoring capital expenditure the valuation increased by 13.7m (4.7%); the overall portfolio valuation increase shown in the accounts was 9.1m (2.8%).
The initial yield on the investment portfolio is 6.0% (June 2014: 6.8%).
New appointments
As announced in December 2014, I am delighted to welcome Ian Marcus and Paul Huberman as new non-executive directors to our Board with effect from 1 January 2015. Their combined experience and knowledge of the sector will add significant strength to the executive team and the Board. I look forward to working with them as we enter the next stage of the Company's development.
We have also continued to strengthen our operational teams in all areas. 
Outlook
Town Centre Securities PLC has delivered a total shareholder return of 21% over the last 12 months ahead of the wider real estate sector. The first half has seen good performance and values have continued to move forward as the market begins to appreciate the attractions of regional property compared to stretched London valuations. Rental income growth is expected and we are also growing income through active management especially at the Merrion Centre. The car park business provides another opportunity for income growth and we continue to expand these operations.
Our strong asset management capability continues to maintain our high occupancy levels which in turn underpin our rental income and profitability. Our performance remains in line with our expectations and we look forward to the future with confidence as the regional economy continues to benefit from the ripple effect of economic growth.
I would like to thank our dedicated staff for their continuing hard work and commitment.
Edward M Ziff
Chairman and Chief Executive
24 February 2015
Consolidated income statement
for the six months ended 31 December 2014
Six months
Six months
Year
ended
ended
ended
31 December
31 December
30 June
2014
2013
2014
Unaudited
Unaudited
Audited
Notes
000 
000
000
Gross revenue
10,878 
11,477
22,633
Property expenses
(2,064) 
(1,782)
(3,679)
Net revenue
8,814 
9,695
18,954
Administrative expenses
3
(2,293) 
(2,202)
(4,679)
Other income
282 
436
810
Profit/(loss) on disposal of investment properties
776 
-
(59)
Profit on disposal of listed investments
- 
31
101
Valuation movement on investment properties
9,107 
8,205
19,805
Operating profit
16,686 
16,165
34,932
Finance costs
(3,402) 
(3,899)
(7,585)
Share of post tax profits from joint ventures
31 
41
87
Profit before taxation
13,315 
12,307
27,434
Taxation 
- 
-
-
Profit for the period
13,315 
12,307
27,434
All profits for the period are attributable to equity shareholders.
Earnings per ordinary share of 25p each
 5
Basic and Diluted
25.0p 
23.2p
51.6p
Underlying (non-GAAP measure)
6.5p 
7.5p
14.4p
The Directors have approved an interim dividend of 3.1p per share (2013: 3.1p). The 2014 final dividend was 3.9m (for the six months ended 31 December 2013: 3.9m).
Consolidated statement of comprehensive income
for the six months ended 31 December 2014
Six months
Six months
Year
ended
ended
ended
31 December
31 December
30 June
2014
2013
2014
Unaudited
Unaudited
Audited
000
000
000
Profit for the period
13,315
12,307
27,434
Other comprehensive income
Revaluation gains on cash flow hedge
-
219
298
Revaluation gains/(losses) on other investments
169
(66)
112
Total comprehensive income for the period
13,484
12,460
27,844
All recognised income for the period is attributable to equity shareholders.
Consolidated balance sheet
as at 31 December 2014
31 December
31 December
30 June
2014
2013
2014
Unaudited
Unaudited
Audited
Notes  
000
000
000
Non-current assets
Investment properties
6
336,397
304,755
317,697
Fixtures, equipment and motor vehicles
6
1,135
993
1,112
Car park lease premiums
7
839
-
-
Investments in joint ventures
8
1,779
1,702
1,748
Unamortised tenant lease incentives
3,699
3,787
3,788
Total non-current assets
343,849
311,237
324,345
Current assets
Investments
1,903
1,662
1,734
Non-current assets held for sale
-
7,795
7,500
Trade and other receivables
3,225
2,320
4,705
Cash and cash equivalents
12,124
2,554
-
Total current assets
17,252
14,331
13,939
Total assets
361,101
325,568
338,284
Current liabilities
Trade and other payables
(16,394)
(14,893)
(13,908)
Financial liabilities - borrowings
-
-
(1,845)
Derivative financial instruments
-
(79)
-
Total current liabilities
(16,394)
(14,972)
(15,753)
Net current assets/(liabilities)
858
(641)
(1,814)
Non-current liabilities
Financial liabilities - borrowings
(171,254)
(160,091)
(158,660)
Total liabilities
(187,648)
(175,063)
(174,413)
Net assets
173,453
150,505
163,871
Equity attributable to owners of the Parent
Called up share capital
9
13,290
13,290
13,290
Share premium account
200
200
200
Other reserves
559
480
559
Retained earnings
159,404
136,535
149,882
Total equity
173,453
150,505
163,871
Net assets per share
326p
283p
308p
Consolidated statement of changes in equity
for the six months ended 31 December 2014
Share
Capital
Share
premium
Hedging
redemption
Retained
Total
capital
account
reserve[1]
reserve[1]
earnings
equity
000
000
000
000
000
000
Balance at 1 July 2013
13,290
200
(298)
559
128,152
141,903
Profit for the period 
-
-
-
-
12,307
12,307
Other comprehensive income:
- Revaluation gains on cash flow hedge
-
-
219
-
-
219
- Revaluation losses on other investments
-
-
-
-
(66)
(66)
Total comprehensive income for the period 
-
-
219
-
12,307
12,460
ended 31 December 2013
Other adjustments 
-
-
-
-
44
44
Dividends relating to the year ended 30June 2013 
-
-
-
-
(3,902)
(3,902)
-
-
-
-
(3,858)
(3,858)
Balance at 31 December 2013
13,290
200
(79)
559
136,535
150,505
Balance at 1 July 2014
13,290
200
-
559
149,822
163,871
Profit for the period 
-
-
-
-
13,315
13,315
Other comprehensive income:
- Revaluation gains on other investments
-
-
-
-
169
169
Total comprehensive income for the period 
-
-
-
-
13,484
13,484
ended 31 December 2014
Dividends relating to the year ended 30June 2014
-
-
-
-
(3,902)
(3,902)
Balance at 31 December 2014 
13,290
200
-
559
159,404
173,453
1 Other reserves on the balance sheet consist of the hedging reserve and capital redemption reserve in the table above.
Consolidated cash flow statement 
forthe six months ended 31 December 2014
Six months ended
Six months ended
Year ended
31 December 2014
31 December 2013
30 June 2014
Unaudited
Unaudited
Audited
Notes
000
000
000
000
000
000
Cash flows from operating activities
Cash generated from operations
10
7,128
9,312
15,990
Interest paid
(3,402)
(3,797)
(7,823)
Net cash generated from operating activities
3,726
5,515
8,167
Cash flows from investing activities
Purchases and refurbishment ofinvestmentproperties
(18,638)
(3,654)
(12,977)
Acquisition of leasehold premiums
(839)
 
-
 
-
Purchases of plant and equipment
(195)
(225)
(490)
Proceeds from sale of investment properties and
non-current assets held for resale
17,321
-
8,802
Proceeds from sale of listed investments
-
69
241
Net cash (used in)/generated from investing activities
(2,351)
(3,810)
4,424
Cash flows from financing activities
Drawdown of non-current borrowings
12,594
2,000
676
Dividends paid to shareholders
-
(763)
(5,876)
Net cash generated from/(used in) financing activities
12,594
1,237
(5,200)
Net increase/(decrease) in cash and cash equivalents
13,969
2,942
(1,457)
Cash and cash equivalents at beginning ofperiod
(1,845)
(388)
(388)
Cash and cash equivalents at end ofperiod
12,124
2,554
(1,845)
The Consolidated Cash Flow Statement should be read in conjunction with Note 10.
Notes to the consolidated interim financial information
1. Basis of preparation
General information
Town Centre Securities PLC (the "Company") is a public limited company domiciled in the United Kingdom. Its shares are listed on the London Stock Exchange. The Consolidated Financial Statements of the Company for the year ended 30 June 2014 comprise the Company and its subsidiaries (together referred to as the "Group"). The address of its registered office is Town Centre House, The Merrion Centre, Leeds LS2 8LY. The principal activities of the Group during the period remained those of property investment, development and trading and the provision of car parking.
This interim financial information was approved for issue on 24 February 2015.
This interim financial information does not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 30 June 2014 were approved by the Board of Directors on10 October 2014 and delivered to the Registrar of Companies. The report of the auditor on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under Section 498 oftheCompanies Act 2006. 
This interim financial information has not been reviewed or audited.
Basis of preparation
This interim financial information for the half year ended 31 December 2014 has been prepared in accordance with the Disclosure and Transparency Rules of the Financial Services Authority and with IAS 34, 'Interim Financial Reporting', as adopted by the European Union. The condensed consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended 30 June 2014, which have been prepared in accordance with IFRS as adopted by the European Union.
Accounting policies
The accounting policies adopted are consistent with those of the previous financial year.
Exceptional items are disclosed and described separately in the financial statements where it is necessary to do so to provide further understanding of the financial performance of the Group. They are material items of income or expense that have been shown separately due to the significance of their nature or amount. 
Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annualearnings.
Going concern basis
The Directors have reviewed the cash flow forecasts of the Group and the underlying assumptions on which they are based. The Directors consider that the Group has adequate financial resources, tenants with appropriate leases and covenants, and properties of sufficient quality to enable them to conclude that the Company will continue in operational existence for the foreseeable future. The Group therefore continues to adopt the going concern basis of accounting inpreparing its consolidated interim financial statements.
Principal risks and uncertainties
The Group set out on page 22 of its Annual Report and Accounts 2014 the principal risks and uncertainties that could impact its performance; these remain unchanged since the Annual Report was published. The Group operates a structured risk management process, which identifies and evaluates risks and uncertainties and reviews mitigation activity.
Our key risks relate to property valuations, availability of finance, occupancy levels and future income. Property values arecurrently stable and we have sufficient bank facilities and headroom in place. The Group has no over reliance on anyone tenant or sector and has a skilled and experienced team of asset managers dealing with day-to-day management of our portfolio.
Forward-looking statements 
Certain statements in this half year report are forward-looking. Although the Group believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. Because these statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by these forward-looking statements.
The Group undertakes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise.
2. Segmental information
The chief operating decision-maker has been identified as the Board. The Board reviews the Group's internal reporting inorder to assess performance and allocate resources. Management has determined the operating segments based onthese reports.
Segment assets
31 December
31 December
30 June
2014
2013
2014
000
000
000
Property rental
345,235
313,284
323,048
Car park activities
15,866
12,284
15,236
361,101
325,568
338,284
The property rental business segment includes assets which generate car parking revenues. Assets relating to car park activities are included to the extent that they can be valued independently of related investment property.
Segmental results
Six months ended
Six months ended
31 December 2014
31 December 2013
Property
Car park
Property
Car park
rental
activities
Total
rental
activities
Total
000
000
000
000
000
000
Gross revenue
7,902
2,976
10,878
8,937
2,540
11,477
Property expenses
(694)
(1,370)
(2,064)
(866)
(916)
(1,782)
Net revenue
7,208
1,606
8,814
8,071
1,624
9,695
Administrative expenses
(2,078)
(215)
(2,293)
(2,000)
(202)
(2,202)
Other income
282
-
282
436
-
436
Valuation movement on investment 
and development properties
10,107
(1,000)
9,107
8,205
-
8,205
Profit on disposal of investment properties
776
-
776
31
-
31
Operating profit
16,295
391
16,686
14,743
1,422
16,165
Finance costs
(3,402)
-
(3,402)
(3,899)
-
(3,899)
Share of post tax profits from joint ventures
31
-
31
41
-
41
Profit before taxation
12,924
391
13,315
10,885
1,422
12,307
Taxation
-
-
-
-
-
-
Profit for the period
12,924
391
13,315
10,885
1,422
12,307
3. Administrative expenses
Six months
Six months
Year
ended
ended
ended
31 December
31 December
30 June
2014
2013
2014
000
000
000
Remuneration
1,473
1,465
3,086
Depreciation
95
99
203
Charitable donations
47
35
108
Other
679
603
1,282
2,294
2,202
4,679
4. Dividends
A final dividend in respect of 2014 of 7.34p per share was approved at the Company's Annual General Meeting (AGM) on18 November 2014 and was paid to shareholders on 6 January 2015. This dividend comprised an ordinary dividend of0.82p per share and a Property Income Distribution (PID) of 6.52p per share.
An interim dividend in respect of 2015 of 3.1p per share is proposed. This amounts to an estimated dividend of 1.6 million which has not been reflected in this report and will be paid on 26 June 2015 to shareholders on the register on 29 May 2015.
This dividend will be paid entirely as a PID.
5. Earnings per share 
Six months ended
Six months ended
Year ended
31 December 2014
31 December 2013
30 June 2014
Earnings
Earnings
Earnings
Earnings
per share
Earnings
per share
Earnings
per share
000
Pence
000
Pence
000
Pence
Basic earnings and 
13,315
25.0
12,307
23.2
27,434
51.6
earnings per share
Revaluation movement on 
Investment
anddevelopmentproperties
(9,107)
(17.1)
(8,205)
(15.4)
(19,805)
(37.2)
Profit on disposal of 
Investment
anddevelopmentproperties
(776)
(1.4)
-
-
-
-
Profit on disposal of listed 
-
-
(31)
(0.1)
-
-
Investments
Other exceptional credits
-
-
(89)
(0.2)
-
-
Underlying earnings and 
3,432
6.5
3,982
7.5
7,629
14.4
earnings per share
Underlying earnings and earnings per share have been disclosed in order that the effects of disposal profits and losses, revaluation movements and non-recurring items can be fully appreciated.
Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the year. 
6. Tangible fixed assets
(a) Investment properties
Long
Freehold
leasehold
Development
Total
000
000
000
000
Valuation at 1 July 2014
283,218
15,921
18,558
317,697
Additions
7,466
3,296
-
10,762
Disposals
(2,344)
(1,460)
(5,241)
(9,045)
Refurbishment
7,820
56
-
7,876
Transfer
(7,628)
-
7,628
-
Increase in value on revaluation
8,278
(1,000)
1,829
9,107
Valuation at 31 December 2014
296,810
16,813
22,774
336,397
315.0m of the total property portfolio was valued by our external valuers with the remainder valued by the Directors.
(b) Fixtures, equipment and motor vehicles
Accumulated
Cost
depreciation
000
000
Net book value at 1 July 2014
3,771
2,659
Additions
195
-
Disposals
(25)
-
Depreciation
-
147
Net book value at 31 December 2014
3,941
2,806
Total fixtures, equipment and motor vehicles at 31 December 2014
1,135
7. Car park lease premiums
Six months
Six months
Year
ended
ended
ended
31 December
31 December
30 June
2014
2013
2014
000
000
000
Opening balance
-
-
-
Additions
839
-
-
839
-
-
Car park lease premiums comprise the acquisition costs of leasehold car parks with a term of less than 50 years.
8. Investments in joint ventures
Six months
Six months
Year
ended
ended
ended
31 December
31 December
30 June
2014
2013
2014
000
000
000
Interest in joint ventures
Opening balance
1,748
1,661
1,661
Share of profits after tax
31
41
87
Closing interest
1,779
1,702
1,748
9. Called up equity share capital
Authorised
164,879,000 (30 June 2014: 164,879,000) ordinary shares of 25p each.
Issued and fully paid
Number
Nominal
of shares
value
000
000
At 1 July and 31 December 2014
53,162
13,290
10. Cash flow from operating activities 
Six months
Six months
Year
ended
ended
ended
31 December
31 December
30 June
2014
2013
2014
000
000
000
Profit for the period
13,315
12,307
27,434
Adjustments for:
Depreciation
147
136
282
Profit on disposal of listed investments
-
(31)
(140)
(Profit)/loss on disposal of investment and development properties
(776)
-
59
Finance costs
3,402
3,899
7,585
Share of joint venture profits after tax
(31)
(41)
(87)
Movement in revaluation of investment and development 
(9,107)
(8,205)
(19,805)
Properties
Decrease/(increase) in receivables
1,479
1,832
(598)
(Decrease)/increase in payables
(1,301)
(585)
1,260
Cash generated from operations
7,128
9,312
15,990
11. "Triple" net asset value per share
To assist shareholders in understanding the results, the table below shows how the "triple" net asset value was arrived at:
Six months
Six months
Year
ended
ended
ended
31 December
31 December
30 June
2014
2013
2014
000
000
000
Closing net assets
173,453
150,505
163,871
Less: debenture issue premium
(185)
(195)
(190)
Add: debenture mark to market
(11,163)
9,953
6,737
162,105
160,263
170,418
Shares in issue (000)
53,162
53,162
53,162
"Triple" net asset value per share
305p
301p
320p
The negative mark to market adjustment in respect of the Debenture reflects the significant fall in long term interest rates and margin during the period.
Responsibility statement of the directors
The Directors confirm that, to the best of their knowledge, these condensed consolidated interim financial statements have been prepared in accordance with IAS 34 as adopted by the European Union. The interim management report includes afair review of the information required by DTR 4.2.7R and DTR 4.2.8R, namely:
 an indication of important events that have occurred during the first six months of the financial year and their impact onthe condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining sixmonths of the financial year; and
 material related party transactions in the first six months of the financial year and any material changes in the related party transactions described in the last Annual Report and Accounts.
A list of current Directors ismaintained on the Town Centre Securities PLC Group website: www.tcs-plc.co.uk.
Edward M Ziff  Duncan Syers
Chairman and Chief Executive  Finance Director
24 February 2015

This information is provided by RNS
The company news service from the London Stock Exchange
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