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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
St Mark Homes PLC | AQSE:SMAP | Aquis Stock Exchange | Ordinary Share | GB0033501445 | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-5.00 | -10.00% | 45.00 | 20.00 | 60.00 | 50.00 | 35.00 | 50.00 | 0.00 | 15:29:30 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSMAP 31 May 2019 St Mark Homes Plc ("SMH" or "the Company") Final results St Mark Homes (NEX: SMAP), the housebuilder operating mainly in London and the South East of England, today announces its Final Results for the year ended 31 December 2018. Strategic report The directors present their strategic report for the year ended 31 December 2018. Review of the business The Group continues to develop residential led projects located in London and the Southern regions of the United Kingdom. We primarily target the sub GBP1,000 per square foot residential sales market with a particular emphasis on developing schemes which consist of units that can be made available for sale under the GBP600,000 London Help to Buy limit. The Group typically undertakes its business within special purpose vehicles and on a joint venture/profit sharing basis with other house builders. This strategy has helped the Group to generate profits and increase distributions to shareholders in recent years. 2018 has however been difficult with customers being slower to commit to sales and an element of profit on the completed Hounslow scheme therefore deferred into 2019. The Group profit before tax for the current year amounted to GBP117,442 (2017:GBP383,738). In spite of a challenging environment for residential developers in our geographic niche dividend distributions to shareholders were maintained at 5.5p per share. Our strategic priorities Following the merger with St Mark Contracts Limited and successful bond raising in late 2017/early 2018, the Board are keen to grow the Group into a significant regional house builder. We have an established and profitable method of operation and with an expanded capital base, we intend to participate in additional projects in the coming years. We believe the key Group assets are its people, capital base and market listing. Our primary aim is to maximise shareholder value by utilising each of these assets to best effect. We also are committed to the highest standards of sustainability. People and partnering We have an intentionally small but experienced team with demonstrable competency in the areas of finance, property development, project appraisal and project delivery. Our strategy is to match those core skills and our capital with partners who can assist with project design, construction and sales. Our people are motivated through a management incentive scheme which aligns their interests with that of the shareholders and only rewards performance after attainment of profit targets linked to the return on shareholders funds. Capital The Group commenced 2018 with a capital base just over GBP5.87m (2017: GBP5.79m). We have previously set a performance target to grow that base by a minimum of 5% on opening shareholders funds per annum through organic growth. In 2018 we achieved a pre-tax profit of 2% (2017: 6.6 %) on opening shareholders funds. The Group successfully launched a corporate bond with the assistance of Crowdstacker Limited in September 2017. The 30 month bond (which carries a 6% coupon) closed in February 2019 having raised GBP3.465m gross. The Directors are delighted with the success of the bond raising. NEX Exchange Listing The market mid-price on 30 May 2019 of GBP0.875 represents a discount of 33% to the net asset value of GBP1.30 per share reported at 31 December 2018. The 2018 dividend yield based on this market mid price is 6.28%. We will continue to monitor the effectiveness of the market and as the Group grows we may in future consider a move to AIM. In the interim the Board believe the continued expansion of the capital base and the continuation of profit and dividend growth are steps that can broaden investor appeal. Sustainability We recognise that there are financial and operational benefits of working sustainably and we are committed to the highest standards of sustainability. While many environmental requirements are embedded within the planning process, sustainability is a broader issue than that and encompasses both Health & Safety and the supply chain. Health & Safety continues to remain the Group's first priority and we work with our joint venture partners to attain best practice standards. We are happy to report that there were no reportable incidents on any of our projects during 2018 and we remain committed to the highest standards of Health & Safety. Having the right supply chain is also crucial to sustainability. We do have long term working relationships with our main suppliers but continue to carefully monitor the financial health of our design teams and main contractors. We aim to pay suppliers to agreed timescales and to work collaboratively with them for the benefit of all. Project Portfolio At present we have live joint venture projects on sites in Sutton, Hounslow, Battersea and Wembley which we anticipate will deliver profits in 2019 and 2020. As these projects are completed we will seek replacement schemes. Completed Developments St Margarets Waterside, Richmond, London: The Group has completed sale of the final two residential properties on this project. In accordance with our revenue recognition policy we have recognised profits of GBP35,258 (2017: GBP46,316) and project management fees of GBPnil (2017: GBP 13,500) during 2018. Continuing Developments Sutton High Street, Sutton: The Group retains a 40% interest in a development site at Sutton High Street. Our joint venture partner submitted an application for a comprehensive redevelopment of the site for a mixed use scheme (ie residential and commercial) with ground floor commercial element of the proposed project pre-let (subject to planning). Planning permission was refused in April 2018. The joint venture partners have appealed that decision to the Planning Inspectorate and a two day hearing is scheduled to commence on 18 June 2019 with a formal decision expected during summer 2019. Gwynne Road, London SW11: The Group has a 40% interest in the redevelopment of this site with its joint venture partner. The project was completed after the year end providing a mixed use development of commercial/retail at ground and mezzanine levels and 33 residential flats above. At 31st December sale contracts have been legally exchanged on the affordable housing element of the scheme. In accordance with our revenue recognition policy we have recognised a loss of GBP7,643 (2017: GBP123,520 profit) and project management fees of GBP43,200 (2017: GBP43,200) during 2018. Since the year end the entire private residential housing sector of the project has been legally completed and sold. London Road, Hounslow TW3: The Group holds a joint venture interest of 40% in the development of 34 flats in Hounslow with its development partners. The construction works on site were completed at the end of July 2018. A total of 15 residential units had either legally exchanged or legally completed at 31 December 2018. In accordance with our revenue recognition policy we have recognised a profit of GBP 134,703 (2017: GBP119,895) and project management fees of GBP43,200 (2017: GBP43,200) during 2018. Sales progress has been strong since the year end with a further 10 units legally completed with the remaining 9 units all now sale agreed. Heron House, Wembley The Group has a joint venture interest of up to 40% in the development of 40 flats and commercial space in Wembley. Project management fees of GBP208,000 were recognised during 2018 (2017: GBP16,000). Future Developments As capital and profits are released from the current project portfolio the Board will seek out further opportunities with similar risk profiles. The Group's schemes have largely been in the outer London Boroughs and it is intended that the Group will continue to focus on this geographic area. Principal risks and uncertainties The Group is exposed to the usual risks of companies constructing and developing residential property, including construction budget overruns, delays in programme, insolvency of clients, general economic conditions, project availability, uninsured calamities and other factors. Investments are made in sterling and therefore the Group is not subject to foreign exchange risks. The Group's credit risk is primarily attributable to its trade debtors. Credit risk is managed by monitoring payments against contractual agreements. The Group also reviews the financial standings of its debtors prior to entering into significant contracts. Key Performance Indicators The Group's long term performance target has been to generate a minimum average annual return on shareholders funds of 5%. During 2018 the annual pre-tax return on shareholders' funds was 2% (2017: 6.6%). The sales market has been challenging in 2018 and extended sales periods have impacted profit recognition in 2018. More positively sales progress has been good since the year end with Hounslow and Gwynne Road both generating profit in the first half of 2019. The Group also seeks protection from market downturns by committing no more than 50% of its capital to any one project and by requiring projects in which it is a stakeholder to show a minimum return on cost of 15%. During 2018 the maximum exposure of capital to any one project was less than 40% of the Group capital. Treasury policy Operations have been financed by the issue of shares in the past and retained profits, the cash from which has been invested in short term cash deposits. In addition, various financial instruments such as trade debtors and trade creditors arise directly from the Group's operations. Loans have been funded by the cash income from previous development projects. In 2017 and 2018 the 6% bond has also funded the loans to joint venture partners. Further information on financial instruments is contained in note 22 of the financial statements.
On behalf of the Board Barry Tansey Chief Executive Date: 30 May 2019 The Directors of St Mark Homes PLC accept responsibility for this announcement. For further information, please contact: St Mark Homes Plc Sean Ryan, Finance Director Tel: +44 (0) 20 8903 2442 seanryan@stmarkhomes.com Alfred Henry Corporate Finance Ltd, NEX Exchange Corporate Adviser Jon Isaacs / Nick Michaels Tel: +44 (0) 20 3772 0021 www.alfredhenry.com Consolidated statement of comprehensive income for the year ended 31 December 2018 2018 2017 GBP GBP Turnover 294,400 120,400 Cost of sales (27,079) (22,738) ________ ________ Gross profit 267,321 97,662 Administrative expenses (412,937) (323,058) Negative goodwill release 37,993 99,256 ________ ________ Operating loss (107,623) (126,140) Share of operating profit of joint ventures 162,318 289,731 Interest receivable and similar income 266,471 240,434 Interest payable and similar charges (203,724) (20,287) ________ ________ Profit on ordinary activities before taxation 117,442 383,738 Taxation on ordinary activities (15,373) (60,564) ________ ________ Profit on ordinary activities after taxation 102,069 323,174 Other comprehensive income - - ________ ________ Total comprehensive income 102,069 323,174 ________ ________ Earnings per share - basic and diluted Ordinary shares 2.31p 7.32p Consolidated Balance sheet at 31 December 2018 2018 2018 2017 2017 GBP GBP GBP GBP Non Current assets Tangible fixed assets 789 1,052 Intangible fixed assets - (37,993) Investments in joint ventures 374,974 728,779 ________ ________ 375,763 691,838 Current assets Debtors 7,881,758 7,195,865 Cash at bank and in hand 1,023,754 513,667 ________ ________ 8,905,512 7,709,532 Creditors: amounts falling due within one year (76,914) (179,043) ________ ________ Net current assets 8,828,598 7,530,489 ________ ________ Total assets less current 9,204,361 8,222,327 liabilities Creditors: amounts falling due in more than one year (3,465,157) (2,342,477) ________ ________ Net assets 5,793,204 5,879,850 ________ ________ Capital and reserves Called up share capital 2,206,501 2,206,501 Capital redemption reserve 1,009,560 1,009,560 Other reserve 211,822 211,822 Merger reserve 327,060 327,060 Share premium account 375,246 375,246 Profit and loss account 1,609,015 1,749,661 ________ ________ Shareholders' funds 5,793,204 5,879,850 ________ ________ Statement of changes in equity For the year ended 31 December 2018 Share Capital Other Merger Share Profit Total Capital Redemption Reserve Reserve Premium and loss Reserve reserves GBP GBP GBP GBP GBP GBP GBP Balance at 2,206,501 1,009,560 211,822 327,060 375,246 1,669,202 5,799,391 31 December 2016 Profit for the - - - - - 323,174 323,174 year ________ ________ _______ _______ ________ ________ ______ Total - - - - - 323,174 323,174 comprehensive income for the year Dividend - - - - - (242,715) (242,715) ________ ________ _______ _______ ________ ________ ________ Balance at 2,206,501 1,009,560 211,822 327,060 375,246 1,749,661 5,879,850 31 December 2017 Profit for the - - - - - 102,069 102,069 year ________ ________ _______ _______ ________ ________ ________ Total - - - - - 102,069 102,069 comprehensive income for the year Dividend - - - - - (242,715) (242,715) ________ ________ _______ _______ ________ ________ _________ Balance at 2,206,501 1,009,560 211,822 327,060 375,246 1,609,015 5,739,204 31 December 2018 ________ ________ _______ ______ ________ ________ ________ Consolidated statement of cashflows for the year ended 31 December 2018 2018 2018 2017 2017 GBP GBP GBP GBP Cash flows from operating activities Cash expended from operations (378,124) (2,035,718) Interest paid (203,724) (20,287) Corporation tax (54,501) (116,851) ________ ________ Net cash outflow from operating activities (636,349) (2,172,856) Investing activities Interest received 266,471 240,434 ________ ________ Net cash generated from investing activities 266,471 240,434 Financing activities Increase in loans 1,122,680 2,342,477 Dividend paid (242,715) (242,715) ________ ________ Net cash generated from financing activities 879,965 2,099,762 ________ ________ Net increase in cash and cash 510,087 167,340 equivalents Cash and cash equivalents at beginning of year 513,667 346,327 ________ ________ Cash and cash equivalents at end of year 1,023,754 513,667 ________ ________ Relating to: Cash at bank and in hand 1,023,754 513,667 ________ ________ Notes to Preliminary Results for the Period Ended 31 December 2018 1. The financial information set out above does not constitute statutory accounts for the purpose of Section 434 of the Companies Act 2006. The
financial information has been extracted from the statutory accounts of St Mark Homes plc and is presented using the same accounting policies, which have not yet been filed with the Registrar of companies, but on which the auditors gave an unqualified report on 31 May 2019. The preliminary announcement of the results for the year ended 31 December 2018 was approved by the board of directors on 31 May 2019. 2. Earnings per share Earnings per ordinary share has been calculated using the weighted average number of shares in issue during the financial year. The weighted average number of Ordinary shares in issue was 4,413,002 (2017: 4,413,002) and the earnings being profit after tax attributable to ordinary shares was GBP102,069 (2017: GBP323,174). 2018 2017 GBP GBP Numerator Earnings used as the calculation of basic and diluted 102,069 323,174 EPS ________ ________ Number Number Denominator Weighted average number of ordinary shares used in basic 4,413,002 4,413,002 and diluted EPS ________ ________ There are no share options or other potentially dilutive equity instruments in issue than can dilute the earnings per share. END
(END) Dow Jones Newswires
May 31, 2019 06:44 ET (10:44 GMT)
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