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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Trafalgar Property Group Plc | LSE:TRAF | London | Ordinary Share | GB00BMGS6031 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.0425 | 0.04 | 0.045 | 0.0425 | 0.0395 | 0.0425 | 8,929,373 | 08:00:07 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Real Estate Agents & Mgrs | 18k | -844k | -0.0021 | -0.19 | 160.34k |
From Apr 2019 to Apr 2024
TIDMTRAF
RNS Number : 6711Z
Trafalgar New Homes PLC
18 December 2017
18 December 2017
TRAFALGAR NEW HOMES PLC
("Trafalgar", the "Company" or "Group")
Interim Results
for the six months ended 30 September 2017
Trafalgar (AIM: TRAF), the AIM quoted residential property developer operating in southeast England, announces its interim results for the six months ended 30 September 2017 (the "Period").
Key financials:
-- Turnover for the Period was GBP nil (H1 2016: GBP 30,000);
-- Gross loss of GBPnil, giving a pre-tax loss of GBP174,000 after overheads (H1 2016: gross loss GBP3,000, pre-tax loss: GBP132,000);
-- EPS of (0.07p) (H1 2016: (0.05p)); and -- Cash in bank at period end was GBP123,050 (2016: GBP167,107).
Commenting on today's results, CEO, Chris Johnson, said:
"The loss for the period reflects the six month overhead charge, there being no turnover during the period. The Company has continued with its development of the five sites in Kent, with build work completed at Hildenborough, Burnside, Tunbridge Wells and Edenbridge. Marketing for sale is under way at Hildenborough and Edenbridge and will commence at Tunbridge Wells in the New Year. The sites at Speldhurst, Tunbridge Wells and Sheerness are in the course of construction and the build work is expected to be completed before the year end."
Copies of the interim report will be available later today on the Company's website, www.trafalgar-new-homes.co.uk.
Enquiries:
Trafalgar New Homes Plc +44 (0) 1732 700 Christopher Johnson 000 Allenby Capital Ltd - Nominated Adviser and Broker +44 (0) 20 3328 Jeremy Porter/James Reeve 5656 Yellow Jersey PR Limited +44 (0) 7747 788 Charles Goodwin / Abena Affum 221
Notes to Editors:
Trafalgar New Homes is the holding company of Combe Bank Homes, a successful residential property developer operating in the southeast of England. The founders of Combe Bank Homes have a long track record of developing new and refurbished homes, principally in Kent.
The Company's focus is on the select acquisition of land for residential property development. The Company outsources all development activities, for example the obtaining of planning permission, design and construction, and uses fixed price build contracts, enabling it to tightly control its development and overhead costs.
For further information visit www.trafalgar-new-homes.co.uk
CHIEF EXECUTIVE'S REPORT
I am pleased to present the Company's Interim Results for the six month period ending 30(th) September 2017.
There being no sales and no gross profit, the loss reflects the application of the overheads for the period.
The Company has continued with its development of the five sites under construction during the period and I am pleased to report that building work is now fully complete on three of these sites: Edenbridge (3 terrace houses); Hildenborough (two substantial detached houses); and Burnside, Tunbridge Wells (six apartments).
Marketing for the sale of the units at Edenbridge and Hildenborough has recently commenced and two of the houses are under offer at Edenbridge, with interest being shown in the houses at Hildenborough.
The Tunbridge Wells apartments will be offered for sale immediately after the Christmas period.
Build work is 70% complete on the executive detached house at Speldhurst, Tunbridge Wells which is anticipated to complete by end February 2018.
At Sheerness, the six townhouses are currently being roofed in, with completion of the build scheduled for Spring 2018.
It is anticipated that sites at Edenbridge and Hildenborough will contribute to turnover for the year ended 31(st) March 2018, together with a number of the units at Burnside, Tunbridge Wells.
For the financial year ending 31(st) March 2018, the Company expects profit contributions from sales at the Edenbridge, Hildenborough and Burnside sites, with the sale of the units being developed at Speldhurst and Sheerness contributing to turnover and profit for the year ended 31(st) March 2019.
The strategic site at Staplehurst under option to the Company remains an opportunity and the planning focus is now on achieving planning permission for an Extra Care/Assisted Living Scheme on the site. A formal planning application will be made in the near future.
Demand for new housing in the South East remains strong and continues to benefit from the Government's help to buy scheme. While the uncertainty over the UK's future relationship with the EU may impact parts of the market, we believe that the pressure to increase housing stock in the South East is likely to open up opportunities to bring strategic land through the planning process. Areas without an up to date local plan or with insufficient land supply offer the greatest potential. With the support of the range of measures to encourage house building set out in the recent budget, the Company is seeking to take advantage of the opportunities that present themselves.
The Company continues to consider development opportunities in its chosen area of operation, to further its residential development activity. The Company also continues to look for corporate opportunities to grow the Company and its development portfolio and is currently in discussions on a potential opportunity and we will report further should this progress.
C C Johnson
Chief Executive
CONSOLIDATED UNAUDITED INTERIM RESULTS FOR THE
SIX MONTHSED 30 SEPTEMBER 2017
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Hot Features
Premium
6 month 6 month Year
period period ended
ended ended 31 March
30 September 30 September (Audited)
(Unaudited) (Unaudited)
Note 2017 2016 2017
GBP'000 GBP'000 GBP'000
Revenue - 30 30
Cost of sales - (33) 48
Gross (loss)/profit - (3) (18)
Administrative expenses (174) (129) (270)
Operating (loss)/profit (174) (132) (288)
Other interest receivable
and similar income - - 1
Interest payable and similar - - -
charges
(Loss)/profit before taxation (174) (132) (287)
Tax payable on profit on
ordinary activities 4 - - (11)
(Loss)/profit after taxation
for the period (174) (132) (298)
Other comprehensive income
Total comprehensive (loss)/income
for the period (174) (132) (298)
(Loss)/profit attributable
to:
Equity holders of the parent (174) (132) (298)
Total comprehensive (loss)/income
for the period attributable
to:
Equity holders of the parent (174) (132) (298)
(LOSS)/PROFIT PER ORDINARY
SHARE;
Basic/Diluted 5 (0.07)p (0.05)p (0.12)p
All results in the current and preceding financial period derive from continuing operations.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 September 2017
30 September 30 September 31 March
(Unaudited) (Unaudited) (Audited)
Note 2017 2016 2017
GBP'000 GBP'000 GBP'000
Non-current assets
Tangible fixed assets 1 2 2
1 2 2
Current assets
Inventory 6,191 3,988 5,400
Trade and other receivables 110 94 97
Cash at bank and in hand 123 167 101
6,424 4,249 5,598
Total assets 6,425 4,251 5,600
EQUITIES AND LIABILITIES
Current liabilities
Trade and other payables 235 245 179
Borrowings 3,542 1,545 2151
3,777 1,790 2,330
Non-current liabilities
Borrowings 4,243 3,715 4,691
Total liabilities 8,020 5,505 7,021
Equity attributable to
equity holders of the
company
Called up share capital 6 2,384 2,384 2,384
Share premium account 1,165 1,165 1,165
Reverse acquisition reserve (2,818) (2,818) (2,818)
Profit and loss account (2,326) (1,985) (2,152)
Total Equity (1,595) (1,254) (1,421)
Total Equity and Liabilities 6,425 4,251 5,600
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six month period ended 30 September 2017
Share Share Reverse Retained Total
capital premium acquisition profits equity
reserve /(losses)
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 April 2017 2,384 1,165 (2,818) (2,152) (1,421)
Loss for period - - - (174) (174)
Other comprehensive - - - - -
income for the period
--------- --------- ------------- ----------- --------
Total comprehensive
income for the period - - - (174) (174)
--------- --------- ------------- ----------- --------
Issue of shares - - - - -
Share issue costs - - - - -
--------- --------- ------------- ----------- --------
At 30 September 2017 2,384 1,165 (2,818) (2,326) (1,595)
--------- --------- ------------- ----------- --------
For the purpose of preparing the consolidated financial statement of the Group, the share capital represents the nominal value of the issued share capital of 1p per share. Share premium represents the excess over nominal value of the fair value consideration received for equity shares net of expenses of the share issue.
The reverse acquisition reserve related to the reverse acquisition between Trafalgar New Homes plc and Combe Bank Homes Limited on 11 November 2011.
CONSOLIDATED STATEMENT OF CASH FLOWS
For the six month period ended 30 September 2017
6 month 6 month Year
period period ended
ended ended 31 March
30 September 30 September (Audited)
(Unaudited) (Unaudited)
2017 2016 2017
GBP'000 GBP'000 GBP'000
Cash flow from operating
activities
Operating (loss)/profit (174) (132) (288)
Depreciation charges - - -
(Increase)/decrease in stocks (793) (1,712) (3,124)
(Increase)/decrease in debtors (13) 343 340
Increase/(decrease) in creditors 58 93 5
Other income 1
Interest paid - - 296
Net cash (outflow)/inflow
from operating activities (922) (1,408) (2,770)
Investing activities
Purchase of tangible fixed - - -
assets
Net cash used in investing - - -
activities
Taxation - - 10
Financing activities
Issue of shares - - -
Net new loans/(loan repayments)
in period 870 1,353 2,309
Share issue costs - - -
Amount (withdrawn)/injected
by directors 74 (56) 569
Interest paid - - (296)
Net cash flow from financing 944 1,297 2,582
Increase/(Decrease) in cash
and cash equivalents in the
period 22 (111) (178)
Cash and cash equivalents
at the beginning of the year 101 278 279
Cash and cash equivalents
at the end of the period 123 167 101
NOTES TO THE FINANCIAL INFORMATION
For the period ended 30 September 2017
1. GENERAL INFORMATION
This financial information is for Trafalgar New Homes Plc ("the Company") and its subsidiary undertakings. The Company is incorporated in England and Wales.
2. BASIS OF PREPARATION
The interim consolidated financial information has been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations adopted by the European Union and as applied in accordance with the provisions of the Companies Act 2006. The interim financial information incorporates the results for the group for the six month period from 1 April 2017 to 30 September 2017. The results for the year ended 31 March 2017 have been extracted from the statutory financial statements for the Company for the year ended 31 March 2017. The interim financial information should be read in conjunction with the audited financial statements for the group for the year ended 31 March 2017.
The same accounting policies, presentation and methods of computation have been followed in these unaudited interim financial statements as those which were applied in the preparation of the group's annual financial statements for the year ended 31 March 2017, except that in future profits will only be booked on completion of sales rather than on exchange of contracts.
The interim consolidated financial information incorporates the financial statements of Trafalgar New Homes Plc and its subsidiaries.
The interim financial information for the six months ended 30 September 2017 was approved by the directors on 8th December 2017.
3. SEGMENTAL REPORTING
For the purpose of IFRS 8, the chief operating decision maker ("CODM") takes the form of the Board of Directors. The Directors' opinion of the business of the Group is that the principal activity of the Group was property development and there is considered to be one reportable segment, that of property development carried on in the UK. The internal and external reporting is on a consolidated basis with transactions between group companies eliminated on consolidation. Therefore the financial information of the single segment is the same as that set out in the consolidated statement of comprehensive income, the consolidated statement of changes in equity, the consolidated statement of financial position and cash-flows.
NOTES TO THE FINANCIAL INFORMATION
For the period ended 30 September 2017
4. TAXATION
6 month 6 month Year
period period ended
ended ended 31 March
30 September 30 September (Audited)
(Unaudited) (Unaudited)
2017 2016 2017
GBP'000 GBP'000 GBP'000
Current tax - - -
Tax charge/(credit) - - -
(Loss)/profit on ordinary
activities before tax (174) (132) (298)
Based on profit for the period:
Tax at 20% - - 57
Effect of:
Losses (not utilised)/utilised - - (47)
Tax charge for the period - - 10
5. (LOSS)/PROFIT PER ORDINARY SHARE
The calculation of profit/(loss) per ordinary share is based on the following
Profits/(losses) and number of shares:
6 month 6 month Year
period period Ended
ended ended 31 March
30 September 30 September (Audited)
(Unaudited) (Unaudited)
2017 2016 2017
GBP'000 GBP'000 GBP'000
(Loss)/profit for the period (174) (132) (298)
Weighted average number of
shares for basic Profit/(loss)
per share 236,375,200 238,375,200 238,375,200
Weighted average number of
shares for diluted Profit/(loss)
per share 236,375,200 238,375,200 238,375,200
(LOSS)/PROFIT PER ORDINARY
SHARE;
Basic (0.07)p (0.05)p (0.12)p
Diluted (0.07)p (0.05)p (0.12)p
NOTES TO THE FINANCIAL INFORMATION
For the period ended 30 September 2017
6. SHARE CAPITAL
Authorised Share Capital
30 September 31 March
2017 2017
Number Number
Ordinary shares of 1p each 238,375,200 238,375,200
Issued, allotted and fully
paid
Authorised Share Capital
30 September 31 March
2017 2017
GBP'000 GBP'000
Ordinary shares of 1p each 2,384 2,384
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFLVFRLTLID
(END) Dow Jones Newswires
December 18, 2017 08:21 ET (13:21 GMT)
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