Trident Group registers improved profitability
Trident Group has announced an improved profitability in its results for the year ended 31January 2021. Group turnover decreased marginally to €1.1 million over the comparative period primarily due to the discounts extended to a number of tenants to support them during the pandemic. Profit before tax reached €741,000 (2020: €328,000) after taking into consideration prudent fair value movements on investment property amounting to €562,000 (2020: nil). This gain follows a valuation exercise carried out by an independent firm of architects. Net profit for the financial year amounted to €550,000 compared to €74,000 posted for the comparative period.
Works on the Trident Park project are progressing well, despite the significant challenges posed by the size and complexity of the project, and by the disruption caused by the onset of the pandemic. Over the course of the year, civil works were practically completed, and current efforts are presently focused on the services and external and finishing works. “The development of our green office campus process is well under way and a range of high-quality tenants are already secured to partake in this new office experience,” says Charles Xuereb, Chief Executive Officer.
Louis A. Farrugia, Chairman of the Board, added that shareholders will no doubt note and understand that given the current pandemic induced uncertainty and the fact that the Trident Park development is in the final phases of completion, the board does not believe it is appropriate to recommend the declaration of a dividend at this time. The board believes that Trident Park is an exceptional development, and looks forward to welcoming its first tenants later this year. The board also believes that it is on the road in fulfilling the aspiration of Trident Group becoming a successful property group – as was contemplated by the Farsons Board of Directors when it embarked on the property division spin-off plans back in 2010.