Edison Investment Research - Town Centre Securities PLC (TOWN) Town Centre Securities - Robust performance while delivering strategy

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Edison Investment Research

Martyn King

Town Centre Securities - Robust performance while delivering strategy

Town Centre Securities (TCS) will release its results for the year ending 30 June 2019 (FY19) on 24 September. Despite the tough retail environment, in a trading update the company states that the year ended in line with expectations. We expect a robust recurring earnings performance and an unchanged but fully covered and attractive dividend yield. The year saw continuing progress with the strategy of repositioning the portfolio away from retail and recycling capital into more attractive opportunities, including the group’s significant pipeline of development opportunities.

18/07/2019 6 EN

Underlying

Town Centre Securities PLC

Town Centre Securities is a specialist regional property investor. Co. is engaged in property investment, development and trading and the provision of car parking. Co. focuses its portfolio in the primary regional cities of Leeds, Manchester, Glasgow and Edinburgh along with suburban London. Co. operates in two business segments comprising property rental and car park operations.

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GB0003062816 London Stock Exchange United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Martyn King

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Town Centre Securities - Robust performance while delivering strategy

LIBERUM: UK Small & Mid Cap Dispatches

LIBERUM: Morning Comment

LIBERUM: Town Centre Securities* - Robust results as sales strengthen balance sheet and reduce LTV ratio

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

AAC Clyde Space - Solid start to the year with further order growth

Tinexta - Typical seasonality in Q124

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