olivLaw · European equity research
Town Centre Securities PLC TOWN.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Town Centre Securities PLC is a British owner of commercial property and car parks, concentrated in Leeds and Manchester, which reported for the year ended 30 June 2025 a statutory loss of £3.4m, driven by portfolio valuation losses and impairments. The company is diversifying towards offices, residential and car parking in an economy that remains uncertain, and large developments such as Merrion Centre and Whitehall Riverside shape its long-term direction.
At the close of 05 Nov 2026, Town Centre Securities PLC (TOWN.L) stock was 1.24 GBP (−2.76% on the day), with market capitalisation 51.9 m GBP, dividend yield 2.03%, beta 0.02, 52-week range 1.08–1.37 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 50.1
- neutral
- Bollinger (20, 2)
- 1.19 – 1.28
- in the upper half of the band · %B 0.52 · band width 7.8%
- SMA 50 / 200
- 1.24 / 1.22
- mixed trend
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +3.8% | −0.6% | +4.4 pp | — |
| 3 months | −5.0% | −4.2% | −0.8 pp | — |
| 6 months | +5.1% | +4.3% | +0.8 pp | — |
| Year to date | −2.0% | +7.5% | −9.5 pp | — |
| 1 year | −7.5% | +9.9% | −17.4 pp | +5.8% |
| 3 years | +4.2% | +49.8% | −45.6 pp | +26.3% |
| 5 years | −1.2% | +42.8% | −44.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 14.8 m | 16.4 m | 14.9 m |
| Revenue YoY | unavailable | +10.5% | −9.2% |
| Net income | -29.5 m | -7.8 m | -3.4 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.60 | -0.18 | -0.08 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -199.1% | -47.9% | -23.2% |
| Free cash flow | 7.5 m | 6.1 m | 2.6 m |
Balance sheet & financial health
Fiscal year 2025 · 30 Jun 2025
- Cash
- 18.0 m GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 112.3 m GBP
- Total assets
- 281.4 m GBP
- Debt / equity
- unavailable
- Current ratio
- 0.52x
- ROE
- -3.0%
- ROA
- -1.2%
- FCF margin
- 17.5%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 14.8 m | 16.4 m | 14.9 m | esef· 18 Nov 2025verified |
| Operating income | -23.1 m | -4.0 m | 6.3 m | esef· 18 Nov 2025verified |
| Interest expense | 6.9 m | 7.3 m | 7.4 m | esef· 18 Nov 2025verified |
| Pre-tax income | -29.5 m | -11.2 m | -1.1 m | esef· 18 Nov 2025verified |
| Income tax | 0 | -3.3 m | 2.4 m | esef· 18 Nov 2025verified |
| Net income | -29.5 m | -7.8 m | -3.4 m | esef· 18 Nov 2025verified |
| Diluted EPS | -0.60 | -0.18 | -0.08 | esef· 18 Nov 2025verified |
| Dividend per share | 0.05 | 0.09 | 0.03 | esef· 18 Nov 2025derived |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 23.3 m | 22.2 m | 18.0 m | esef· 18 Nov 2025verified |
| Receivables | 3.3 m | 4.0 m | 3.8 m | esef· 18 Nov 2025verified |
| Current assets | 33.0 m | 29.3 m | 21.8 m | esef· 18 Nov 2025verified |
| Property, plant & equipment, net | 1.3 m | 1.4 m | 1.6 m | esef· 18 Nov 2025verified |
| Total assets | 307.7 m | 294.3 m | 281.4 m | esef· 18 Nov 2025verified |
| Accounts payable | 12.4 m | 13.4 m | 11.2 m | esef· 18 Nov 2025verified |
| Current liabilities | 38.8 m | 36.0 m | 42.2 m | esef· 18 Nov 2025verified |
| Total liabilities | 169.0 m | 176.9 m | 169.1 m | esef· 18 Nov 2025verified |
| Equity | 138.7 m | 117.4 m | 112.3 m | esef· 18 Nov 2025verified |
| Shares outstanding at year end | 49.1 m | 44.8 m | 42.0 m | esef· 18 Nov 2025derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 8.0 m | 6.6 m | 3.2 m | esef· 18 Nov 2025verified |
| Capex | 576.0 k | 525.0 k | 645.0 k | esef· 18 Nov 2025verified |
| Free cash flow | 7.5 m ≈ | 6.1 m ≈ | 2.6 m ≈ | esef· 18 Nov 2025derived |
| Investing cash flow | 51.1 m | 2.2 m | -1.9 m | esef· 18 Nov 2025verified |
| Financing cash flow | -56.2 m | -9.1 m | -3.1 m | esef· 18 Nov 2025verified |
| Dividends paid | 2.4 m | 4.2 m | 1.1 m | esef· 18 Nov 2025verified |
| Share repurchases | 7.9 m | 9.4 m | 0 | esef· 18 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 51.9 m GBP
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -23.2% | 17 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.9x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 0.5x | 0 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.0% | 63 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | 2.0% | 29 (on a fixed band) | 18% |
| Payout ratio (FCF) · Returns | 40.6% | 100 (on a fixed band) | 12% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial17/100 · 1/3 factors with a value
- Returns57/100 · 2/2 factors with a value
- Valuation· partial63/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TOWN CENTRE SECURITIES PLC (TOWN.L). Latest full fiscal year: 2025; data up to 2025-06-30.
Figures computed from the financial statements: revenue 14.9 m GBP in 2025; YoY growth -9.2%; net margin -23.2%; ROE -3.0%.
The estimated value range is 0.25–0.30 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.27 GBP, the price of 1.24 GBP leaves a potential of -78.0% (value / price − 1) and a margin of safety of -353.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Payout ratio (FCF): 40.6%
What contradicts it
- Net margin: -23.2%
- Interest coverage: 0.9x
- Current ratio: 0.5x
- Shareholder yield (distributions): 2.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA.
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| TOWN.LTown Centre Securities PLC | 51.9 m | — | -3.0% | -23.2% | −9.2% | −4% / −14% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for TOWN.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Town Centre Securities PLC is a British owner of commercial property and car parks, concentrated in Leeds and Manchester, which reported for the year ended 30 June 2025 a statutory loss of £3.4m, driven by portfolio valuation losses and impairments. The company is diversifying towards offices, residential and car parking in an economy that remains uncertain, and large developments such as Merrion Centre and Whitehall Riverside shape its long-term direction. 1
SWOT
Strengths
- The company has a diversified asset base focused on cities with economic growth and a balance sheet described by management as strong. Rent collection is high, and a significant family shareholding provides continuity.
- The car parking division and hotel add diversified income, and the new parking management system improves operational efficiency.
- Developments at Whitehall Riverside and the Merrion Centre offer long-term growth potential with high-quality tenants.
Weaknesses
- The company reported a statutory loss in fiscal 2025, affected by portfolio impairments, and net asset value per share fell from the prior year.
- Net borrowings, excluding lease liabilities, rose slightly from the prior year, which limits financial flexibility.
- The dividend paid exceeded EPRA earnings for the year, a situation that cannot continue indefinitely without improved profitability.
Opportunities
- If the transition to electric vehicles accelerates, the charging division could extend its services to more locations.
- Mixed-use schemes combining residential and modern offices could attract new tenants and diversify portfolio risk.
- If interest rate cuts continue, the cost of finance could fall, supporting new investment.
Threats
- An economic slowdown or cost-of-living squeeze could lead to tenant failures and lower asset values.
- High construction costs could make some developments unviable, particularly amid geopolitical uncertainty.
- Energy efficiency requirements could reduce the value of older buildings if upgrades are not completed in time.
Risks
- Broad economic uncertaintyhigh
A downturn or political crisis could lead to tenant failures, falling values and higher debt costs.
- Development riskhigh
Large projects may exceed cost estimates or remain unlet, which could affect financial results.
- Valuation riskmedium
Portfolio impairments have already affected results, and a further round of declines could reduce net asset value per share.
- Tenant and sector riskmedium
Exposure to retail and offices could increase non-payment risk if tenants reduce space or enter insolvency.
- Controls and cyber securitylow
Weak controls or a cyber attack could affect data and assets, with financial and reputational consequences.
Investment thesis
What would need to be true (bull case)
- If the Merrion Centre and Whitehall Riverside developments complete with well-placed tenants, portfolio value could rise significantly over the long term.
- High rent collection and diversification into car parking and residential could support income even in a still weak market.
- A balance sheet described as prudent and falling interest rates could lower the cost of finance and open new investment opportunities.
What would break the thesis
- If the UK economy stays weak, further impairments could continue and reduce net asset value per share.
- The dividend could continue to exceed earnings, putting pressure on reserves if profitability does not improve.
- If large projects are delayed or cost more than planned, returns could be affected for several years.
What to watch
- Progress of the Z office at Whitehall Riverside and tenant signings2026
- Movement in portfolio valuations and net asset value per shareNext annual report
- Dividend payments and their ratio to EPRA earnings2026
- Renewal of the Lloyds facility, due in June 20272027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Town Centre Securities PLC manages a portfolio of commercial property, car parks, a hotel and residential assets, focused on Leeds and Manchester. According to the annual report for fiscal 2025, 88% of its assets are located in these two cities and it has a development pipeline of over £400m. 1
The business model relies on actively managing assets to optimise income and capital growth, renewing leases and reducing voids. Financing combines secured lending, retained profits and share capital, and the company cites a 60-year heritage and a significant family shareholding. 1
In fiscal 2025 the company collected 99% of rent and service charges invoiced, completed the rollout of a parking management system and signed new lettings, including a Dishoom restaurant in Leeds. It made no acquisitions or disposals in the period. 1
Segments
Retail and leisure
Retail and leisure represent about 30% of portfolio value at 30 June 2025, down from 60% nine years ago. Most retail tenants are classed as essential, in food, discount and convenience, and the Merrion Centre has been reconfigured as a mixed-use destination with new restaurants. 1
Offices and development
Offices account for 29% of the portfolio, and the Z building at Whitehall Riverside in Leeds is in advanced discussions with prospective occupiers. Development makes up 9% of the portfolio, and the company has secured consent for a student accommodation scheme at the Merrion Centre. 1
Car parking and residential
Car parking accounts for 14% of portfolio value and residential for 14%, including a refurbishment at Bath Street in Glasgow. The CitiPark division also runs EV charging points, with 61 chargers in its own car parks and 38 more with NHS and retail partners. 1
Market context
The UK market remains subdued, with cost-of-living pressures, above-target inflation and geopolitical tension, while the Bank of England has reduced the base rate to 4.0%. Demand for office space is reshaping around hybrid working, and energy efficiency requirements, including the mandatory EPC B standard from April 2030, influence rental values and yields. 1
Competition for tenants and investors focuses on quality buildings in city centres, and changing shopping habits push demand toward smaller formats. Attracting new tenants could become harder if their costs rise, but the company believes diversification and mixed-use schemes can support demand. 1
Trends
- Hybrid working and office demandheadwind
Employers no longer mandate full-time office attendance, which reduces demand for traditional space and affects occupancy in city centre car parks. The company could respond with flexible, high-quality buildings, but demand for conventional offices remains weaker.
- Energy efficiency requirementsmixed
EPC standards and tenant expectations for green buildings influence rental values and investment yields. If the portfolio does not modernise, it could lose appeal, though the company has already invested in solar installations and highly rated buildings.
- Online shopping and traditional retailheadwind
Online purchasing continues to reduce demand for large stores in shopping centres. The company has reduced its retail exposure, which limits risk, but operators that adapt to changing customer needs could thrive.
- Shift to electric vehiclestailwind
The plan to phase out new petrol and diesel car sales by 2030 increases demand for charging points at car parks. The CitiCharge division could benefit from this trend if infrastructure expansion continues.
Competitive position
The company competes with other owners of commercial property and car parks in Leeds, Manchester and London for quality tenants and development investment. The report does not name competitors, so the analysis is limited to the local market context, where land availability and construction costs shape project returns. 1
The company's advantage lies in deep local presence and long relationships with established tenants such as Morrisons, Iceland and Greggs, but buyers and tenants can compare multiple options in the same city. Differentiation through mixed-use schemes like the Merrion Centre is important in this setting. 1
- Other car park and office owners in Leeds and Manchester
Unnamed local competitors offering office space and car parking in the same cities.
- Residential developers in Leeds
Competitors for student accommodation and central residential projects, not named in the source.
- Retail and food operators
Indirect competition for tenants and for drawing visitors to shopping centres.
- Electric vehicle charging operators
Competitors for charging points in car parks, in a growing segment.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202518 Nov 2025
- Annual report 202518 Nov 2025
- Annual report 202405 Nov 2024
- Annual report 202405 Nov 2024
Sources
- [1] Annual report, fiscal year ended 2025-06-30 (ESEF) · SEC / Town Centre Securities PLC · 30 Jun 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.