Investment holding company, Tradehold Limited, has published its unaudited condensed consolidated interim results for the six months ended August 2021, declaring a gross cash dividend of 30 cents per ordinary share – its second interim dividend to date.
The company reported headline earnings per share of 2.6 pence (31August 2020: 0.5 pence) with tangible net asset value per share of 98 pence / R19.67 (28th February 2021: 94 pence / R19.75).
Its balance sheet reflected revenue of £39.6 million (31 August 2020: £34.5 million) with a net profit of £4.9 million (31 August 2020: loss of £8.7 million) and total assets of £825 million (28 February 2021: £808 million).
Tradehold’s 74.3% held subsidiary in South Africa, Collins Group, reported a net operating profit before tax of R187.1 million – R27.5 million above budget – and it collected 99% of all rent and arrears despite the civil unrest in KwaZulu-Natal with a total of 21 smaller properties in the portfolio impacted by the riots.
Its wholly owned subsidiary in the UK, the Moorgarth Group, achieved a net profit of £1.9 million against a net loss of £12.4 million as at 31 August 2020. It increased its rental recoveries to over 90%, substantially above market average. With shopping centres vulnerable to Covid-19 as well as global retail trends, Moorgarth has continued to reduce its exposure to retail which now constitutes 37% by value of its total portfolio.
The Boutique Workplace (90% owned), which offers serviced office space in close to 30 sites in Central London, increased its occupancy level of flexible office accommodation from 67% at yearend to 85%, while boosting the number of its workstations in Greater London to more than 5 100.
While the markets in which Tradehold operate still face uncertainty in South Africa and the UK, the company believes all three of its major businesses are solid, well-established entities and their experienced management teams will operate successfully under the remaining pandemic restrictions.
