TIDMTRAFPL

 

UNAUDITED INTERIM RESULTS

27 November 2012

 

                                            Trafalgar New Homes PLC

 

                                     ("TNH", the "Company" or the "Group")

 

                                           UNAUDITED INTERIM RESULTS

 

 

Trafalgar New Homes PLC today announces its interim results for the six months ended 30 September 2012.

 

 

                                             CHAIRMAN'S STATEMENT

 

The first six months of  the current year show minimal turnover and a consolidated loss of GBP102,000 in accordance with the Company's projections that the principal turnover and profitability for the year to 31 March 2013 will arise in the second half.

The above does not mean that there has been no activity, however. Following on from my comments and those of the Managing Director in the Statements accompanying the Accounts for the year ended 31 March 2012, construction has continued on our sites in Kent at High Street, Edenbridge and Oakhurst Manor, Hildenborough.

On those two sites we will aim to deliver 23 residential homes being 8 x two bed apartments, a studio, penthouse, cottage (and a shop) at Edenbridge and 12 three/four/five bedroom houses at Hildenborough. Completion of the construction of the Edenbridge site has been achieved; on the Hildenborough site, completion of the build is anticipated for March/April 2013.

The twelve units at Edenbridge are now being marketed for sale, which should contribute towards the Group's results  for the year ended 31 March 2013. With the other pending sales, I can say that we are currently on target to achieve our internal projections for the current year. I am confident we will show enhanced earnings per share for the Group as a result.

Future sales of the Hildenborough houses should contribute to the anticipated enhanced profitability for the year end 31.03.2014.

Land supply remains good, with the Group continuing to concentrate on the purchase of sites with planning permission and 'brownfield' sites where we anticipate enhancing the planning status of the site and, therefore, its value. Terms have been agreed for options and conditional contracts on a number of sites, in addition to those sites we have agreed to purchase which already have planning permission.

We anticipate buying land and building houses across all market sectors, from two/three bed starter homes and apartments up to five/six bedroom executive detached houses. Most sites will be for private housing but we will accommodate affordable housing when it is required, as part of the planning consent.

We have a continuing commitment to provide quality homes at realistic prices in the most sought after locations.

 

On behalf of the Board

 

James Dubois

Chairman

 

Consolidated Unaudited Profit & Loss Account

Notes to the above financial information

Note 1: Interest is site-specific and has been charged to work-in-progress.

Note 2: The Company has 214,375,190 ordinary shares in issue.

Note 3: On 12 July 2010, TNH announced that it had filed a notice to appoint Administrators at Court. On 13 September 2011 the Company announced that the company was no longer in administration. The comparative balance sheet figures shown for "As at end of Administration" represent the state of Company's affairs as at the day after the Company came out of administration.

Note 4:  No interim dividend is to be paid in relation to the six months ended 30 September 2012. No interim dividend was paid in relation to the six months ended 30 September 2011.

Note 5: The information in this announcement has not been reviewed by the Company's auditor.

For reference, the Company has reproduced below, without modification, the unaudited pro forma statement of net assets which was contained in the Company's admission document dated 8 November 2011.

 

 

                                  UNAUDITED PRO FORMA STATEMENT OF NET ASSETS

 

                                              Pro forma statement

 

The following unaudited pro forma statement of net assets of the Enlarged Group following the completion of the Acquisition has been prepared for illustrative purposes only to provide information about the impact of the Acquisition and, because of its nature, may not give a true reflection of the financial position of the Group.

It has been prepared on the basis that the Acquisition occurred on 9 November 2011 and on the basis set out in the notes.

Notes to the pro forma information

 

(i)   The creditors of the Company represent a bank loan repayable in 24 equal monthly instalments.

(ii)  The net assets of the Company have been extracted from Part 4 of this Document and adjusted for the negotiated split of the bank loan per note (i) above.

(iii) The net assets of Combe Bank have been extracted without adjustment from the six month interim accounts to 31 May 2011 included in Part 5 of this Document. No account has been taken of the activities of Combe Bank since 31 May 2011.

(iv)  The adjustment assumes Trafalgar New Homes Ltd acquires all of the GBP100,000 of ordinary share capital of Combe Bank Homes Ltd by issuing 186,817,671 Ordinary 1p shares at a price of 1.2p. Using the Balance Sheets above, such a transaction would give rise to goodwill on consolidation of circa GBP3.69m for the enlarged group. This goodwill would be subject to an impairment review, and due to the insolvent balance sheets of both companies, would most likely be written off in its entirety. Hence, there would be no impact on the net assets of the company as shown above.

 

 

THE DIRECTORS OF THE COMPANY ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT

 

                                                  ---ENDS---

Enquiries:

 

Trafalgar New Homes Plc

Christopher Johnson

+44 (0)1732 700000

 

ISDX Corporate Adviser

Peter Ward/Alex Brearley

+44 (0)20 7638 5600

 

 

Trafalgar New Homes Plc

 

(END) Dow Jones Newswires

November 27, 2012 06:06 ET (11:06 GMT)

Unaudited Balance Sheet as at 30/9/12