St Mark Homes Plc Half-year Report
September 19 2018 - 2:00AM
UK Regulatory
TIDMSMAP
19 September 2018
St Mark Homes Plc
("SMH" or "the Company")
Unaudited Interim Report for the six-month period ended 30 June 2018
Review of operations for the six-month period ended 30 June 2018
The Directors are pleased to announce the interim results for six months ended
30 June 2018. 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 GBP18,272 (2017 - GBP
210,976) for the period.
The Company paid an interim Ordinary share dividend of 5.5p per share on 20
July 2018 (2017 - 5.5p). This dividend was not accrued in the accounts at 30
June 2018. The net assets per share stands at 134 pence (2017 - 136p) at the
end of this interim reporting period.
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 the neighbouring
derelict old Prince Regent public house site. The Company is currently
engaged in the planning process for regeneration and in association with our
development partner are appealing the local authority's refusal to grant
planning permission for a new build development of 35 residential units over
ground floor commercial / retail space.
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 progressing well
and is forecast for completion in early 2019. Contracts have been exchanged 11
of the 33 residential units (representing the affordable / social housing
element of the scheme). Marketing of the private element of the scheme will
commence in the Autumn of 2018.
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 now practically
complete. Sales on 7 No units have been secured off plan and these are expected
to complete in late September 2018. A show-home to coincide with the
commencement of a marketing campaign was launched in mid-July and to date a
total of 9 No further sales have since been agreed.
Heron House, Wembley, HA9
St Mark has taken a joint venture interest of up to 40% in this development of
40 flats (over new ground floor commercial offices) in Wembley, Middlesex.
Construction is set to commence in Spring 2019 and is scheduled to be complete
in the latter part of 2020.
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 2018
2018 2017
GBP
Group turnover 139,200 71,325
Cost of sales (13,200) (10,806)
Gross Profit 126,000 60,519
Administrative expenses (188,882) (117,847)
Operating Profit/(Loss) (62,882) (57,328)
Negative Goodwill Released 37,993 104,789
Share of operating profit in joint venture 17,629 30,220
Profit before interest and taxation (7,260) 77,681
Interest receivable and similar income 124,108 133,409
Interest payable and similar charges (99,258) (114)
Profit/(Loss) on ordinary activities before 18,272 210,976
taxation
Taxation on ordinary activities 3,747 (20,441)
________ _________
Profit /(Loss) on ordinary activities after 22,019 190,535
taxation
________ _________
Profit/ (Loss) per share - basic and diluted
Ordinary shares 0.5p 4.3p
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 2018
Jun-18 Jun-18 Jun-17 Jun-17
GBP GBP
Non-Current assets
Tangible assets 920 1,227
Current assets
Debtors 8,765,671 5,219,842
Cash at bank and in hand 753,749 955,349
________ ________
9,519,420 6,171,191
Creditors: amounts falling
due within one year (153,315) (186,492)
________ _________
Net current assets 9,366,105 5,988,699
_________ _________
Creditors: amounts falling
due in more than one year (3,465,156) -
_________ _________
Net Assets 5,901,869 5,989,926
_________ _________
Capital and reserves
Called up share capital 2,206,501 2,206,501
Capital redemption reserve 1,009,560 1,009,560
Other reserve 211,822 211,822
Share Premium 375,426 375,246
Merger Reserve 327,060 327,060
Profit and loss account 1,771,680 1,859,737
________ _________
Shareholders' funds 5,901,869 5,989,926
________ _________
Notes forming part of the unaudited interim report
for the six months ended 30 June 2018
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 2017, which
have been applied consistently. The financial statements for the year ended 31
December 2017 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% (2017- 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 GBP16,585 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.
The Directors of St Mark Homes PLC accept responsibility for this announcement.
- Ends -
For further information, please contact:
St Mark Homes Plc
Sean Ryan, Finance Director Tel: +44 (0) 20 7903 6777
seanryan@stmarkhomes.com
Alfred Henry Corporate Finance Ltd, NEX
Exchange Corporate Adviser
Jon Isaacs / Nick Michaels Tel: +44 (0) 20 7251 3762
www.alfredhenry.com
END
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