Trident Estates plc reported higher revenue and profit during the first half of its financial year, supported by rising occupancy at Trident Park, which has now reached 92 per cent.

According to the property group’s unaudited interim financial statements for the six months ended 31st July 2026, revenue increased to €2.99 million from €2.82 million in the corresponding period last year, an increase of around six per cent. The company attributed the improvement primarily to higher occupancy levels at Trident Park.

Profit before tax increased by almost 25 per cent, from €1.13 million to €1.41 million, while profit after tax rose from €712,000 to €858,000.

Direct costs increased from €540,000 to €573,000, while administrative expenses remained broadly stable at €533,000. Meanwhile, finance costs fell from €669,000 to €527,000.

Trident said the reduction in finance costs reflected improved bank facility costs as well as funds received as deposits on the promise of sale of Trident House in Marsa, which are generating interest that is being offset against interest costs.

Trident Park remained the main contributor to the group’s financial performance during the period, with occupancy reaching 92 per cent by the time the interim results were published. Only two floors remain vacant.

The group nevertheless identified a potential oversupply of office space as one of its risks for the remainder of the financial year, warning that this could make it more difficult to lease the remaining vacant space at the rates achieved to date. It also noted the possibility of vacancies increasing as existing tenants reach the end of their fixed lease terms.

At the end of July, Trident Estates held total assets of €117.8 million, up from €116.9 million at the end of January. Total equity stood at €71.1 million, while non-current liabilities amounted to €41.3 million.

Cash and cash equivalents increased to €6.53 million, compared with €5.72 million at the beginning of the six-month period.

Fortizza restoration under way

The interim report also provides an update on Sliema Point Battery, better known as Il-Fortizza, stating that restoration works were awarded to AX Construction Limited and commenced in September.

Trident said it is also considering offers from a number of bidders interested in occupying the property once the current lease comes to an end, with a decision expected within the coming months.

The Planning Authority’s had issued approval of a project involving the restoration of the historic fort and the development of a microbrewery by German Kraft.

The approved project envisages restoring the building’s internal and external spaces while retaining its catering use. Plans also include removing later additions to expose original casemates, reinstating former shell stores, improving accessibility and rehabilitating parts of the original ditch.

German Kraft, an independent UK-based craft beer company operating community taprooms in locations including London and Vienna, had secured approval for the microbrewery and continued operation of the catering establishment.

The latest Trident update, however, indicates that the property's future occupation is still being considered by the group ahead of the expiry of the current lease.

Elsewhere in its portfolio, Trident said discussions remain under way with the authorities and other owners concerning its Wilga Street property in Paceville after the Building and Construction Authority evacuated occupants of the building in August over concerns regarding its structural integrity.

Meanwhile, the group has now received €5 million in deposits relating to the proposed sale of Trident House in Marsa. The final deed is expected to be signed by the end of May 2028, while the existing tenant is expected to leave the property by the end of 2026.

The company declared a €750,000 net final dividend in June in respect of the financial year ended January 2026. No interim dividend is being proposed for the current financial year.