Company Trafalgar New Homes PLC
TIDM TRAF
Headline AGM Statement
Released 07:00 18-
Number 2450O07
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RNS Number : 2450O
Trafalgar New Homes PLC
18 September 2013
Trafalgar New Homes plc
("Trafalgar New Homes", the "Company" or "Group")
AGM Statement
The Annual General Meeting ("AGM") of Trafalgar New Homes (AIM: TRAF), the residential property developer operating in South East England, will be held at 11:30am today at Allenby Capital Limited, 3 St Helen's Place, London EC3A 6AB. At the AGM, the Chairman, James Dubois, will provide the following statement on the Company's progress.
"Over the past year, in particular in the build up to our AIM admission, we have worked hard to put Trafalgar New Homes in a strong position as we aim to take advantage of an improvement in the sector. The Board is optimistic about the future prospects of the residential property market as activity has started to increase, which we believe will benefit the Group over the coming year.
"Trafalgar New Homes continues to specialise in small developments in Kent, Surrey, Sussex and the M25 ring south of London. The Board believes that this strategy positions the Group in a niche market place, between local builders and developers and larger house building companies in the high demand area of the South East.
"As we seek expansion and growth our strategic move to AIM was the next logical step for the Group. We believe that the AIM market will assist the Group in attracting new investors, improving liquidity in our shares and raising additional capital when required, as well as enhancing the Group's overall profile and helping to attract future acquisition opportunities moving forward.
"I am pleased to report that at Edenbridge (High Street), the last two units are under offer and with our flagship development at Oakhurst Park Gardens in Hildenborough, Kent complete, the official launch of marketing the properties will take place on 21 September. We have also submitted our planning application for the first phase of development at Staplehurst, Kent for 22 homes and if successful, we would expect development to start in the second half of 2014.
"Our sites in Ticehurst, East Sussex and Tunbridge Wells, Kent are for the development of two units and six units respectively. Development work is expected to commence before the end of 2013, as well as on the six-
"We continue to see a number of land acquisition and development opportunities and hope to report further on this in due course.
"The success of our development activities through the year is shown in the gross profit achieved for the year end 2012. The consolidated profit after tax of £530,558 on revenue of £2,205,786 is an encouraging result.
"Having laid the foundations for substantial growth with a strong team and an adaptable business model, we are confident of being able to develop sufficient sites to continue the Group's growth trend. We believe that the success of the Group and the profitability generated as a result will enable us to pay dividends to shareholders in the future."
Contacts
Trafalgar New Homes plc
Christopher Johnson +44 (0)1732 700 000
Allenby Capital Ltd -
Jeremy Porter/James Reeve +44 (0)20 3328 5656
Yellow Jersey PR Limited -
Dominic Barretto/Anna Legge +44 (0)7747 788 221
About Trafalgar New Homes
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. Combe Bank Homes was incorporated in 2006 and was acquired by ICAP Securities & Derivatives Exchange (ISDX) quoted Trafalgar New Homes in a reverse takeover on 11 November 2011.
The Group's focus is on the select acquisition of land for residential property development. The Group outsources all development activities, for example the obtaining of planning permission, design and construction, and uses fixed price build contracts. This enables the Group to tightly control its development and overhead costs.
The Group focuses on the regions of Kent, Surrey, Sussex and the M25 ring south of London and targets development sites of up to 20 homes, with sales prices typically ranging from £100,000 to £750,000 per unit, although larger projects are undertaken.
The Board believes that the Group occupies a niche position in the current market, between local builders and developers and the larger house building companies. The Board believes that the Group's relationships with its lenders enables it to secure competitive financing for its developments, allowing the Group to acquire and develop sites beyond the reach of smaller local builders and developers, but which are generally too small to be of serious interest to the larger property development companies. The Group also benefits from the experience and relationships of its management in its geographical market.
This information is provided by RNS
The company news service from the London Stock Exchange
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