TIDMTRAF
RNS Number : 0025J
Trafalgar New Homes PLC
15 December 2015
15 December 2015
TRAFALGAR NEW HOMES PLC
("Trafalgar", the "Company" or "Group")
Interim Results
for the six months ended 30 September 2015
Trafalgar (AIM: TRAF), the AIM quoted residential property
developer operating in southeast England, announces its interim
results for the six months ended 30 September 2015 ("the
Period").
Highlights:
-- Turnover for the Period was GBP531,000 (H1 2014:
GBP2,232,500) reflecting the sale of the final unit at the
Company's Oakhurst Park Gardens development in Hildenborough,
Kent;
-- Gross profit of GBP1,000 achieved, giving a pre-tax loss of
GBP168,000 after overheads (H1 2014: profit GBP35,281);
-- EPS of (0.07p) (H1 2014: 0.02p); and
-- Cash in bank at period end was GBP200,149.
Commenting on today's Results, CEO, Chris Johnson, said:-
"The loss for the period reflects the six month overhead charge,
with turnover reflecting the sale of the final house on the
Oakhurst Park Gardens development and repayment of the loan
associated with it.
The Company has continued with its development of the two sites
at Ticehurst, East Sussex and Borough Green, Kent, both of which
are nearing completion and currently expected to contribute to
turnover for the current financial year. In addition, construction
work is under way on the site at Burnside, Tunbridge Wells (six
apartments), with work about to commence on two other sites at
Edenbridge, Kent (three units) and Sheerness, Kent (six
units)."
Copies of the interim report will be available on the Company's
website, www.trafalgar-new-homes.co.uk.
Enquiries:
Trafalgar New Homes Plc +44 (0) 1732 700
Christopher Johnson 000
Allenby Capital Ltd - Nominated
Adviser and Broker +44 (0) 20 3328
Jeremy Porter/James Reeve 5656
Yellow Jersey PR Limited +44 (0) 7768 537
Dominic Barretto/Alistair de Kare-Silver 739
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. This enables the Company to tightly control its
development and overhead costs.
The Company focuses on the regions of Kent, Surrey, Sussex and
the M25 ring south of London and targets development sites of up to
20 homes, with sales prices typically ranging from GBP100,000 to
GBP750,000 per unit, although larger projects are undertaken.
For further information visit www.trafalgar-new-homes.co.uk
CHIEF EXECUTIVE'S REPORT
I am pleased to present the Company's Interim Results for the
six month period ended 30 September 2015.
Turnover for the period fell to GBP531,000 (H1 2014:
GBP2,024,000) reflecting the disposal of the final house on the
Oakhurst Park Gardens development.
A nominal gross profit resulted in a pre-tax loss of GBP168,000
after overheads (H1 2014: profit GBP35,281) and an EPS of (0.07p)
(H1 2014: 0.02p).
Cash in bank at 30 September 2015 was GBP200,149.
This loss was as a result of there being little turnover and no
profit for the period following the application of the overheads
for the six months.
Despite the lack of turnover, the Company expanded its operation
during the period continuing with the development of the two sites
at Ticehurst, East Sussex and Borough Green, Kent, both of which
are now nearing completion, and commenced development of six
apartments on the Burnside, Tunbridge Wells site.
In addition, the Company acquired a site in Edenbridge, Kent
with a planning consent for a three house development scheme in
place, which is due to commence early in 2016.
The Board currently anticipates that sales of Ticehurst and
Borough Green will contribute to the turnover and profitability of
the Company for the year ending 31 March 2016.
For the financial year ending 31 March 2017, the Company
anticipates turnover and profit from the developments of Burnside,
Tunbridge Wells, Edenbridge and Sheerness, Kent together with the
development of the substantial single detached dwelling at
Speldhurst, near Tunbridge Wells, Kent which the Company has agreed
to buy and which has planning permission.
In addition, the Company is negotiating the purchase of other
sites in its chosen area of operation which if successful are
planned to contribute to revenue in 2017.
On the strategic development site at Staplehurst, the Company
continues to seek planning permission on the front half of the site
(approximately 2.5 acres) and will be submitting a further planning
application in the near future, having sought to address the
reasons for the refusal of the earlier applications by the Planning
Inspector on the appeal submitted by the Company. The Company is
following the advice of its Planning Consultant in pursuing this
course of action.
Aside from its development activities, the Company continues to
look for corporate opportunities to grow the Company and will
progress them if considered viable.
The Company feels it is now entering a growth phase, through
land acquisition and development, whilst also considering possible
corporate acquisitions.
C C Johnson
Chief Executive
CONSOLIDATED UNAUDITED INTERIM RESULTS FOR THE
SIX MONTHS ENDED 30 SEPTEMBER 2015
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 month 6 month Year
period period ended
ended ended 31 March
30 September 30 September (Audited)
(Unaudited) (Unaudited)
Note 2015 2014 2015
GBP'000 GBP'000 GBP'000
Revenue 531 2,233 3,898
Cost of sales (530) (2,024) (4,189)
Gross profit/(loss) 1 209 (291)
Administrative expenses (169) (174) (330)
Underlying operating (loss)/profit* (168) 35 (621)
Other interest receivable
and similar income - - 2
Interest payable and similar - - -
charges
(Loss)/profit before taxation (168) 35 (619)
Tax payable on profit on 4 - - -
ordinary activities
(Loss)/profit after taxation
for the period (168) 35 (619)
Other comprehensive income
Total comprehensive income/(loss)
for the period (168) 35 (619)
(Loss)/profit attributable
to:
Equity holders of the parent (168) 35 (619)
Total comprehensive income/(loss)
for the period attributable
to:
Equity holders of the parent (168) 35 (619)
(LOSS)/PROFIT PER ORDINARY
SHARE;
Basic/Diluted 5 (0.07)p 0.02p (0.26)p
* Operating profit before non-recurring items, costs of
acquisition and deemed cost of listing
All results in the current and preceding financial period derive
from continuing operations.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 September 2015
30 September 30 September 31 March
(Unaudited) (Unaudited) (Audited)
Note 2015 2014 2015
GBP'000 GBP'000 GBP'000
Non-current assets
Tangible fixed assets 1 1 1
1 1 1
Current assets
Inventory 2,103 3,528 1,884
Trade and other receivables 80 385 81
Cash at bank and in hand 197 287 491
2,380 4,200 2,456
Total assets 2,381 4,201 2,457
Creditors: amounts falling
due within one year
Trade and other payables (110) (42) (72)
Borrowings (775) (586) (381)
Net current assets 1,496 3,573 2,004
Non-current liabilities
Borrowings (2,992) (4,246) (3,332)
Net liabilities (1,496) (673) (1,328)
Capital and reserves
Called up share capital 6 2,384 2,384 2,384
Share premium account 1,165 1,165 1,165
Reverse acquisition reserve (2,818) (2,818) (2,818)
Profit and loss account (2,227) (1,404) (2,059)
Equity - attributable to
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the owners of the parent (1,496) (673) (1,328)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six month period ended 30 September 2015
Share Share Reverse Retained Total
capital premium acquisition profits equity
reserve /(losses)
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 April 2015 2,384 1,165 (2,818) (2,059) (1,328)
Loss for period - - - (168) (168)
Other comprehensive - - - - -
income for the period
--------- --------- ------------- ----------- --------
Total comprehensive
income for the period - - - (168) (168)
--------- --------- ------------- ----------- --------
Issue of shares - - - - -
Share issue costs - - - - -
--------- --------- ------------- ----------- --------
At 30 September 2015 2,384 1,165 (2,818) (2,227) (1,496)
--------- --------- ------------- ----------- --------
For the purpose of preparing the consolidated financial
statement of the Group, the share capital represents the nominal
value of the issued share capital of 1p per share. Share premium
represents the excess over nominal value of the fair value
consideration received for equity shares net of expenses of the
share issue.
The reverse acquisition reserve related to the reverse
acquisition between Trafalgar New Homes plc and Combe Bank Homes
Limited on 11 November 2011.
CONSOLIDATED STATEMENT OF CASH FLOWS
For the six month period ended 30 September 2015
6 month 6 month Year
period period ended
ended ended 31 March
30 September 30 September (Audited)
(Unaudited) (Unaudited)
2015 2014 2015
GBP'000 GBP'000 GBP'000
Cash flow from operating
activities
Operating (loss)/profit (168) 36 (621)
Depreciation charges - - -
(Increase)/decrease in stocks (219) 1,542 3,186
Decrease in debtors 1 2,040 2,344
Increase/(decrease) in creditors 39 (699) (670)
Other income - - 2
Net cash (outflow)/inflow
from operating activities (347) 2,919 4,241
Investing activities
Purchase of tangible fixed - - -
assets
Net cash used in investing - - -
activities
Taxation - - -
Financing activities
Issue of shares - 200 190
Net new loans/(loan repayments)
in period 643 (3,987) (4,092)
Share issue costs - (11) -
Amount (withdrawn) by directors (590) (51) (1,065)
Interest paid - - -
Net cash flow from financing 53 (3,849) (4,967)
(Decrease) in cash and cash
equivalents in the period (294) (930) (726)
Cash and cash equivalents
at the beginning of the year 491 1,217 1,217
Cash and cash equivalents
at the end of the period 197 287 491
NOTES TO THE FINANCIAL INFORMATION
For the period ended 30 September 2015
1. GENERAL INFORMATION
This financial information is for Trafalgar New Homes Plc ("the
Company") and its subsidiary undertakings. The Company is
incorporated in England and Wales.
2. BASIS OF PREPARATION
The interim consolidated financial information has been prepared
in accordance with International Financial Reporting Standards
(IFRS) and interpretations adopted by the European Union and as
applied in accordance with the provisions of the Companies Act
2006. The interim financial information incorporates the results
for the group for the six month period from 1 April 2015 to 30
September 2015. The results for the year ended 31 March 2015 have
been extracted from the statutory financial statements for the
Company for the year ended 31 March 2015. The interim financial
information should be read in conjunction with the audited
financial statements for the group for the year ended 31 March
2015.
The same accounting policies, presentation and methods of
computation have been followed in these unaudited interim financial
statements as those which were applied in the preparation of the
group's annual financial statements for the year ended 31 March
2014.
The interim consolidated financial information incorporates the
financial statements of Trafalgar New Homes Plc and its
subsidiaries.
The interim financial information for the six months ended 30
September 2015 was approved by the directors on 14 December
2015.
3. SEGMENTAL REPORTING
For the purpose of IFRS 8, the chief operating decision maker
("CODM") takes the form of the Board of Directors. The Directors'
opinion of the business of the Group is that the principal activity
of the Group was property development and there is considered to be
one reportable segment, that of property development carried on in
the UK. The internal and external reporting is on a consolidated
basis with transactions between group companies eliminated on
consolidation. Therefore the financial information of the single
segment is the same as that set out in the consolidated statement
of comprehensive income, the consolidate statement of changes in
equity, the consolidated statement of financial position and
cashflows.
NOTES TO THE FINANCIAL INFORMATION
For the period ended 30 September 2015
4. TAXATION
6 month 6 month Year
period period ended
ended ended 31 March
30 September 30 September (Audited)
(Unaudited) (Unaudited)
2015 2014 2015
GBP'000 GBP'000 GBP'000
Current tax - - -
Tax charge/(credit) - - -
(Loss)/profit on ordinary
activities before tax (168) 36 (619)
Based on profit for the period:
Tax at nil (2014: 23%) - 8 -
Effect of:
Losses (not utilised)/utilised - (8) -
Tax charge for the period - - -
5. (LOSS)/PROFIT PER ORDINARY SHARE
The calculation of profit/(loss) per ordinary share is based on
the following
Profits/(losses) and number of shares:
6 month 6 month Year
period period Ended
ended ended 31 March
30 September 30 September (Audited)
(Unaudited) (Unaudited)
2015 2014 2015
GBP'000 GBP'000 GBP'000
(Loss)/profit for the period (168) 36 (619)
Weighted average number of
shares for basic Profit/(loss)
per share 236,708,533 238,375,200 236,708,533
Weighted average number of
shares for diluted Profit/(loss)
per share 236,708,533 238,375,200 236,708,533
(LOSS)/PROFIT PER ORDINARY
SHARE;
Basic (0.07)p 0.02p (0.26)p
Diluted (0.07)p 0.02p (0.26)p
NOTES TO THE FINANCIAL INFORMATION
For the period ended 30 September 2015
6. SHARE CAPITAL
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