RNS Number : 6711Z
Trafalgar New Homes PLC
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 £ nil (H1 2016: £ 30,000);
· Gross loss of £nil, giving a pre-
· EPS of (0.07p) (H1 2016: (0.05p)); and
· Cash in bank at period end was £123,050 (2016: £167,107).
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-
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
Charles Goodwin / Abena Affum +44 (0) 7747 788 221
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-
CHIEF EXECUTIVE'S REPORT
I am pleased to present the Company's Interim Results for the six month period ending 30th 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 31st March 2018, together with a number of the units at Burnside, Tunbridge Wells.
For the financial year ending 31st 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 31st 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
