Main Str Complex plcInterim directors’ statement
Q3 Financial Year ending 31 December 2019
Having reviewed the operations and financial performance of the company for the period 1 January - 30 September, the board of directors shares the following main highlights underlying the company’s performance for the period under review:
• Record 8% growth in footfall to date, over that recorded over the corresponding period in 2018 - highest ever recorded footfall since the Main Street Complex opened 15 years ago. This confirms the mall’s popularity as the preferred retail destination for Paola and neighbouring localities;
• Company’s income continued to increase as a result of leasing out all vacant space by July and agreed increases in rental rates, which compensated for brief income disruptions during negotiations to secure full occupancy;
• The launch of the new café & restaurant at the mall’s roof terrace is expected to further bolster the positive footfall we have seen over the past months whilst providing an essential complement to the shopping experience our retail tenants provide; • Revenue generated from the PV panels (which were not available in the corresponding period in 2018) and the car park operation both contributed to additional growth in the mall’s income;
• Operating overheads, although slightly higher due to minor additional repairs and maintenance, remain within control; • The savings in finance costs as a result of a debt-free balance sheet more than outweigh the additional administrative expenses associated with the requirements of a publicly listed company;
• The company expects to end 2019 with a
solid improvement over the previous year; • The delay in reaching full occupancy implies that the end result for 2019 is expected to be slightly short of its original projection, which the company now expects to reach by the end of 2020.
The board is confident that the Main Street Complex will now remain operating at full capacity having secured these latest rental agreements and actively looks ahead for prospective investments that would lead to the eventual expansion of the company and its business.”