Town Centre Securities’ profit falls

Leeds-based property investment and development firm Town Centre Securities yesterday said first half pre-tax profits were five per cent down on 2011 at £3.8m for the period to 31 December 2012. Its net asset value (Nav) per share also slipped to 263p, from 284p in 2011. Chairman and chief executive Edward Ziff blamed higher borrowing costs following its 2011 refinancing for the fall. “We retain a robust financial position,” he added.