TCS posts half-year NAV fall as it swings to loss of £8.7m

Edward Ziff

Leeds-based developer Town Centre Securities has posted a 6% fall in net asset value (NAV) for the six months to the end of December.

Net assets per share slumped to 361p, from 375p last June, while pre-tax earnings fell from £4m at the end of 2017 to £3.7m. Earnings per share also dropped, from 7.6p in December 2017 to 6.9p. The group also posted a pre-tax statutory loss of £8.7m, compared to a profit of £12.4m in 2017. The group said the falls across the board were due to short term tenant changes and one-off costs. 

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