The Trident Group has announced an improved profitability in operations in its results for the year ended 31January. The Group turnover increased 7% to reach €1,152,000 over the comparative period last year and operating profit for the Group increased 68% from €288,000 to €484,000. The Group posted a net profit of €74,000 for the financial year ending 31 January, compared to €775,000 recorded for the previous financial year. No fair value gains on investment property were recorded during the financial year under review compared to €803,000 last year.
Works on the Trident Park project progressed significantly during the year. The process to regenerate one of Malta’s finest 20th century industrial buildings continued at a good pace. The quality of the design of the Trident Park project, not least its outstanding environmental credentials and the unique campus style offering, will result in the finished development having competitive advantage as and when the market recovers from the dislocation being caused by the current COVID-19 pandemic. “For these reasons and given the strong funding model in place, the Board has elected to push ahead with the earliest completion possible which is now targeted to be the first half of 2021,” says Charles Xuereb, chief Executive officer.
Company chairman, Louis Farrugia stated that: “The prudent course of action in the light of the impact arising out of the COVID-19 pandemic is to conserve cash and capital, reduce costs and to be alert and agile in responding to any change in circumstances.”
In the long-term interest of the business, the Board decided that it would not be appropriate to declare a dividend at this stage. The situation will be kept under careful review and shareholders were assured that dividend distributions will be resumed immediately it is judged prudent to do so.