Town Centre Securities, a property investment company, has announced that it experienced a pretax loss for the year ending June 30. This loss can be attributed to a decrease in property valuations and impairments on car parking assets. The company reported a pretax loss of £29.5 million ($35.9 million), in contrast to a profit of £11.0 million the previous year. This significant difference is primarily due to the negative macroeconomic outlook, resulting in a £21.0 million loss on investment property valuations, compared to a £3.5 million gain in the previous year.
Despite this loss, the company observed an increase in gross revenue, including service charges, which rose to £30.4 million from £28.1 million. Furthermore, Town Centre Securities declared a final dividend of 2.50 pence per share, maintaining a total dividend of 5.0 pence for the year.
Following the successful disposal program carried out over the past few years, the company is now focusing on selectively acquiring assets and investing in its own development program. Town Centre Securities expressed optimism about the future, stating that their ability to adapt and innovate positions them well to thrive in changing times.