St Mark Homes Plc Half-year Report
September 07 2017 - 2:00AM
UK Regulatory
TIDMSMAP
6 September 2017
St Mark Homes Plc
("SMH" or "the Company")
Unaudited Interim Report for the six month period ended 30 June 2017
Review of operations for the six month period ended 30 June 2017
The Directors are pleased to announce the interim results for six months ended
30 June 2017. The company continues to trade profitably as a residential and
mixed use property developer.
The Directors are pleased to report a pre-tax profit of GBP210,976 (2016 - GBP
315,493) for the period.
The Company paid an interim Ordinary share dividend of 5.5p per share on 14
July 2017 (2016 - 5.0p). This dividend was not accrued in the accounts at 30
June 2017. This represents a 10% growth in dividend over the corresponding
period last year. The net assets per share stands at 136 pence (2016 - 137p) at
the end of this interim reporting period.
The Company is also pleased to announce plans to initially raise up to GBP2m
through the issue of 2 1?2 year corporate bonds through the Crowdstacker
platform in the coming months. The bonds will carry an annual coupon of 6% and
will be ISA eligible. The Directors believe that this additional capital will
enable the Company to make a number of new project investments and should lead
to a stronger and more profitable business going forward.
A summary of the progress on our current projects is set out below:
Sutton High Street, Sutton
The Company has invested in a regeneration property development venture at
Sutton High Street. Phase I of the development project (consisting of 41
residential units over ground floor retail space) was completed in October
2016). All residential units have been sold on this first phase. The
Company retains an interest in the commercial space and is in advanced
negotiations with a high street retailer on the letting of this space. The
Company also retains an interest in the commercial space and the neighbouring
derelict old Prince Regent public house site. Following an extensive
consultation with the local authority our development partner intends to make
a detailed planning application to redevelop the derelict public house site to
provide a new build development of 35 residential units over ground floor
commercial / retail space in late September 2017.
Gwynne Road, London, SW11
St Mark has taken a 40% joint venture interest in the redevelopment of the site
at 55- 66 Gwynne Road. Construction of this mixed-use scheme (33 residential
flats over ground and first floor commercial/retail space) is now well underway
and is forecast to be completed toward the end 2018. The Company is delighted
to report that contracts have been exchanged 11 of the 33 residential units
(representing the affordable / social housing element of the scheme). Given the
relatively early stage of construction we have not recognised our profit share
on this exchanged element at this time.
London Road, Hounslow, TW3
St Mark has taken a joint venture interest of up to 40% in this development of
34 all private flats in Hounslow, West London. Construction is well underway
and is forecast to be completed in May / June 2018. Marketing of the scheme is
scheduled to start in earnest in Autumn 2017.
Signed on behalf of the board
S Ryan
Director
Unaudited Consolidated Profit and loss account and statement of comprehensive
income for the six months ended 30 June 2017
2017 2016
GBP GBP
Group turnover 71,325 1,423,749
Cost of sales (10,806) (1,153,400)
Gross Profit 60,519 270,349
Administrative expenses (117,847) (181,110)
Operating Profit/(Loss) (57,328) 89,239
Negative Goodwill Released 104,789
Joint developers share of profit - (100,062)
Share of operating profit in joint venture 30,220 223,387
Profit before interest and taxation 77,681 212,564
Interest receivable and similar income 133,409 103,020
Interest payable and similar charges (114) (91)
Profit/(Loss) on ordinary activities before 210,976 315,493
taxation
Taxation on ordinary activities (20,441) (63,099)
_________ __________
Profit /(Loss) on ordinary activities after 190,535 252,394
taxation
_________ __________
Profit/ (Loss) per share - basic and diluted
Ordinary shares 4.3p 8.6p
All amounts relate to continuing activities.
All recognised gains and losses in the current and prior period are included in
the profit and loss account.
Unaudited Consolidated Balance sheet
at 30 June 2017
Jun-17 Jun-17 Jun-16 Jun-16
GBP GBP GBP GBP
Non Current assets
Tangible assets 1,227 1,636
Current assets
Debtors 5,219,842 4,739,511
Cash at bank and in hand 955,349 31,662
________ ________
6,171,191 4,771,173
Creditors: amounts falling
due within one year (186,492) (721,448)
_________ ________
Net current assets 5,988,699 4,049,725
_________ ________
Net Assets 5,989,926 4,051,361
_________ ________
Capital and reserves
Called up share capital 2,206,501 1,478,478
Capital redemption reserve 1,009,560 1,009,560
Other reserve 211,822 211,822
Share Premium 375,246 -
Merger Reserve 327,060 -
Profit and loss account 1,859,737 1,351,501
_________ ________
Shareholders' funds 5,989,926 4,051,361
_________ ________
Notes forming part of the unaudited interim report
for the six months ended 30 June 2017
1. Accounting Policies
The financial information contained in this unaudited interim report has been
prepared on the basis of the accounting policies set out in the St Mark Homes
PLC audited financial statements for the year ended 31 December 2016, which
have been applied consistently. The financial statements for the year ended 31
December 2016 have been filed at Companies House. The company's auditors
Kingston Smith LLP have not reviewed these interim accounts.
2. Taxation on Profit on ordinary activities
For the purpose of this unaudited interim report, the tax charge is calculated
at 19.25% of the taxable (loss)/profit for the period.
3. Earnings per share
Earnings per share has been calculated by dividing the profit after tax for the
period of GBP190,535 by the weighted average number of ordinary shares in issue
of 4,413,003 .
4. Non Statutory Financial Statements
The financial information contained in this unaudited interim report does not
constitute full statutory financial statements as defined by section 240 of the
Companies Act 1985.
END
(END) Dow Jones Newswires
September 07, 2017 02:00 ET (06:00 GMT)
St Mark Homes (AQSE:SMAP)
Historical Stock Chart
From May 2024 to Jun 2024
St Mark Homes (AQSE:SMAP)
Historical Stock Chart
From Jun 2023 to Jun 2024
