Tigne Place sold

As previously announced, Tigne Place Limited has received an offer to sell Tigne Place and after due consideration by the board of directors the offer was accepted and a promise of sale was entered into last December. The final deed was scheduled to take place by the end of June and a deposit has been received in line with the promise of sale agreement. However, the execution of the promise of sale was extended following changes in law due to the COVID-19 pandemic.

The Plaza Centres Group’s results as at 30 June were significantly impacted by COVID-19. During the first six months of the year, the Group generated revenue of €1,444,798 (2019: €1,716,479) a decrease of 15.83%, while EBIDTA decreased by 24.61% to €1,058,751 (2019: €1,404,290). Profit before tax decreased by 35.45% to €609,687 (2019: €944,522). The Group's occupancy at 30 June was 93% (30 June 2019: 87%).

During this period, Plaza had to take commercial decisions which negatively impacted its revenues, costs and hence profitability, in the form of lower rents and absorbing a higher percentage of common area costs.

Furthermore, an increase of €72,900 in the general provision for doubtful debts has been recognised. While the Board notes the positive albeit gradual impact resulting from the lifting of the main COVID-19 restrictions, the general subdued economic activity is expected to persist for a longer period of time.

Furthermore, in the absence of a Coronavirus cure or vaccine, uncertainty will continue to prevail. The Group had prepared different COVID-19 stress scenarios to assess the potential impact on the Group's financial results and cash flows and to date the actual financial performance registered falls within these assessments.

In these circumstances, the Board remains cautious but at the same time confident that the company’s financial situation is sufficiently resilient to navigate through these challenging times.

The board of directors does not recommend the payment of an interim dividend (2019: Nil).