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Authoritative Independent Monthly Share Selections Using Technical & Fundamental Analysis

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Town Centre

November 2007

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • TCSC
  • Price:
  • 388p
In spite of the substantial de-rating seen in its shares, which ismore a reflection of the weakening commercial property market than anycompany specific problem, Town Centre issued respectable results forthe year to 30 June. Although certain one-off items dragged theheadline profit before tax down to just £0.4m, the underlying profitbefore tax was £8.6m, compared to £8.5m last time, while underlying epswas 13.2p, down from 14.2p. Net asset value (NAV) increased from 472pto 495p, while going forward, NAV growth will be boosted by itsdecision to convert to a REIT structure. Although it must take aconversion charge of 2% of the gross value of its property assets, itwill mean that there will be no tax on future trading profits, whilethe d ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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