Town Centre Securities — Accelerating portfolio repositioning

Town Centre Securities (TOWN)

Last close As at 24/05/2024


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Town Centre Securities — Accelerating portfolio repositioning

Against a challenging retail sector environment and ongoing economic uncertainty, Town Centre Securities (TCS) delivered a robust underlying performance in FY19 while continuing to re-position its portfolio for the long term. Earnings and NAV were lower than in FY18 but the fully covered DPS was maintained, now held or improved in each of the last 59 years. Already below 50%, TCS plans to reduce retail and leisure exposure further and continue to recycle capital into more attractive opportunities, including the group’s significant pipeline of development opportunities.

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Research: TMT

discoverIE Group — D&M driving good organic growth

In an uncertain trading environment, discoverIE generated 5% organic year-on-year revenue growth in H120 and 6% organic growth in Q220. The Design & Manufacturing (D&M) business is the key driver of revenue growth, resulting in 12% organic growth in Q220. Management believes the company is on track to meet its underlying earnings expectations for FY20; we maintain our forecasts.

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