Company Trafalgar New Homes PLC
RNS Number : 0025J
Trafalgar New Homes PLC
15 December 2015
15 December 2015
TRAFALGAR NEW HOMES PLC
("Trafalgar", the "Company" or "Group")
Interim Results for the six months ended 30 September 2015
Trafalgar (AIM: TRAF), the AIM quoted residential property developer operating in southeast England, announces its interim results for the six months ended 30 September 2015 ("the Period").
Highlights:
· Turnover for the Period was £531,000 (H1 2014: £2,232,500) reflecting the sale of the final unit at the Company's Oakhurst Park Gardens development in Hildenborough, Kent;
· Gross profit of £1,000 achieved, giving a pre-
· EPS of (0.07p) (H1 2014: 0.02p); and
· Cash in bank at period end was £200,149.
Commenting on today's Results, CEO, Chris Johnson, said:-
"The loss for the period reflects the six month overhead charge, with turnover reflecting the sale of the final house on the Oakhurst Park Gardens development and repayment of the loan associated with it.
The Company has continued with its development of the two sites at Ticehurst, East Sussex and Borough Green, Kent, both of which are nearing completion and currently expected to contribute to turnover for the current financial year. In addition, construction work is under way on the site at Burnside, Tunbridge Wells (six apartments), with work about to commence on two other sites at Edenbridge, Kent (three units) and Sheerness, Kent (six units)."
Copies of the interim report will be available on the Company's website, www.trafalgar-
Enquiries:
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/Alistair de Kare-
+44 (0) 7768 537 739
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. This enables the Company to tightly control its development and overhead costs.
The Company 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.
For further information visit www.trafalgar-
CHIEF EXECUTIVE'S REPORT
I am pleased to present the Company's Interim Results for the six month period ended 30 September 2015.
Turnover for the period fell to £531,000 (H1 2014: £2,024,000) reflecting the disposal of the final house on the Oakhurst Park Gardens development.
A nominal gross profit resulted in a pre-
Cash in bank at 30 September 2015 was £200,149.
This loss was as a result of there being little turnover and no profit for the period following the application of the overheads for the six months.
Despite the lack of turnover, the Company expanded its operation during the period continuing with the development of the two sites at Ticehurst, East Sussex and Borough Green, Kent, both of which are now nearing completion, and commenced development of six apartments on the Burnside, Tunbridge Wells site.
In addition, the Company acquired a site in Edenbridge, Kent with a planning consent for a three house development scheme in place, which is due to commence early in 2016.
The Board currently anticipates that sales of Ticehurst and Borough Green will contribute to the turnover and profitability of the Company for the year ending 31 March 2016.
For the financial year ending 31 March 2017, the Company anticipates turnover and profit from the developments of Burnside, Tunbridge Wells, Edenbridge and Sheerness, Kent together with the development of the substantial single detached dwelling at Speldhurst, near Tunbridge Wells, Kent which the Company has agreed to buy and which has planning permission.
In addition, the Company is negotiating the purchase of other sites in its chosen area of operation which if successful are planned to contribute to revenue in 2017.
On the strategic development site at Staplehurst, the Company continues to seek planning permission on the front half of the site (approximately 2.5 acres) and will be submitting a further planning application in the near future, having sought to address the reasons for the refusal of the earlier applications by the Planning Inspector on the appeal submitted by the Company. The Company is following the advice of its Planning Consultant in pursuing this course of action.
Aside from its development activities, the Company continues to look for corporate opportunities to grow the Company and will progress them if considered viable.
The Company feels it is now entering a growth phase, through land acquisition and development, whilst also considering possible corporate acquisitions.
C C Johnson
Chief Executive
