St Mark Homes Plc Half-year Report
September 26 2019 - 7:35AM
UK Regulatory
TIDMSMAP
26 September 2019
St Mark Homes Plc
("SMH" or "the Company")
Unaudited Interim Report for the six-month period ended 30 June 2019
Review of operations for the six month period ended 30 June 2019
The Directors are pleased to announce the interim results for six months ended
30 June 2019. The company continues to trade profitably as a residential and
mixed use property developer. The trading environment remains challenging and
the Directors are pleased to report a pre-tax profit of GBP84,407 (2018 - GBP
18,272) for the period.
The Company paid an interim Ordinary share dividend of 5.5p per share in June
2019. The Company also paid an interim dividend of 5.5p July 2018. The net
assets per share stands currently stand at 126p (June 2018 - 134p) at the end
of this interim reporting period having accounted for the payment of both the
July 2018 and June 2019 interim dividend payments.
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 remaining ground floor commercial space of phase I,
as well as phase II of the project ( currently a disused and derelict public
house site ) where we hope to secure planning permission for redevelopment in
association with our development partner. Planning on phase II has been
challenging but following the clarification as to what will be acceptable to
the Planning Inspectorate in July 2019 we plan to submit an acceptable ( and
compliant ) planning application for a new build development of 30 residential
units over ground floor commercial / retail space on phase II in Autumn 2019.
Gwynne Road, London, SW11
St Mark has a 40% joint venture interest in the redevelopment of the site at
55- 66 Gwynne Road, Battersea. Construction of this mixed use scheme (33
residential flats over ground and first floor commercial/retail space) is
completed and all residential units are now sold. The commercial sector is
under offer with solicitors now instructed.
London Road, Hounslow, TW3
St Mark has taken a joint venture interest of up to 40% in this development of
34 all private flats located in Hounslow, West London. At the 30 June 2019 4
flats remain unsold and 2 of which have been sold since the period end in July
2019 leaving just 2 flats remaining for sale.
Heron House, Wembley, HA9
St Mark has a joint venture interest of 40% in this development of 40 flats (
over new ground floor commercial offices ) in Wembley, Middlesex. Construction
is set to commence later in 2019 and is scheduled to be complete in the latter
part of 2021.
Uxbridge Road, Hanwell, W5
St Mark has taken a joint venture interest of 50% in this development of 36
apartments ( over new ground floor retail space ) and seven houses in Hanwell,
London Construction is set to commence in the latter part of 2019 and is
scheduled to be completed in the early part of 2021.
Signed on behalf of the board on 26 September 2019
S Ryan
Director
Unaudited Consolidated Profit and loss account and statement of comprehensive
income for the six months ended 30 June 2019
2019 2018
Group turnover 126,000 139,200
Cost of sales (14,000) (13,200)
Gross Profit 112,000 126,000
Administrative expenses (222.256) (188,882)
Operating Profit/(Loss) (110,256) (62,882)
Negative Goodwill Released - 37,993
Share of operating profit in joint venture 135,734 17,629
Profit before interest and taxation 25,478 (7,260)
Interest receivable and similar income 163,286 124,790
Interest payable and similar charges (104,357) (99,258)
Profit/(Loss) on ordinary activities before 84,407 18,272
taxation
Taxation on ordinary activities (16,038) 3,747
________ ________
Profit /(Loss) on ordinary activities after 68,369 22,019
taxation
________ ________
Profit/ (Loss) per share - basic and diluted
Ordinary shares 1.6p 0.5p
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 2019
Jun-19 Jun-19 Jun-18 Jun-18
Non Current assets
Tangible assets 690 921
Current assets
Debtors 7,940,030 8,765,671
Cash at bank and in hand 1,169,197 753,749
________ ________
9,119,227 9,519,420
Creditors: amounts falling
due within one year (2,432,379) (153,315)
________ ________
Net current assets 6,686,848 9,366,105
_________
Creditors: amounts falling
due in more than one year (1,122,680) (3,465,157)
________ _________
Net Assets 5,564,858 5,901,869
________ _________
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 375,246 375,246
Merger Reserve 327,060 327,060
Profit and loss account 1,434,669 1,771,680
________ ________
Shareholders' funds 5,564,858 5,901,869
________ ________
Notes forming part of the unaudited interim report
for the six months ended 30 June 2019
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 2018, which
have been applied consistently. The financial statements for the year ended 31
December 2018 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% (2018- 19%) 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 GBP68,369 (2018 - GBP16,585) by the weighted average number of ordinary
shares in issue of 4,413,003 (2018 - 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 3772 0021
www.alfredhenry.com
END
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