TIDMTRAF
RNS Number : 5727Q
Trafalgar New Homes PLC
30 November 2016
30 November 2016
TRAFALGAR NEW HOMES PLC
("Trafalgar", the "Company" or "Group")
Interim Results
for the six months ended 30 September 2016
Trafalgar (AIM: TRAF), the AIM quoted residential property
developer operating in southeast England, announces its interim
results for the six months ended 30 September 2016 (the
"Period").
Highlights:
-- Turnover for the Period was GBP30,000 (H1 2015: GBP531,000)
reflecting the sale of three car park spaces at the Borough Green
site;
-- Gross loss of GBP3,000 for the Period, giving a pre-tax loss
of GBP132,000 after overheads (H1 2015: GBP168,000 loss);
-- EPS of (0.05p) (H1 2015: (0.07p)); and
-- Cash in bank at Period end was GBP167,107 (2015: GBP200,149)
Commenting on the results, Chris Johnson, CEO, said:
"The loss for the period reflects the six-month overhead charge,
with turnover reflecting the sale of three car park spaces on the
Borough Green development.
The Company has continued with its development of the five sites
in Kent at: Hildenborough (two detached houses); Burnside,
Tunbridge Wells (six apartments); Speldhurst, Tunbridge Wells (one
large detached house); Edenbridge (three terraced houses); and
Sheerness (six terraced houses).
The sites at Burnside, Tunbridge Wells, Hildenborough and
Edenbridge are nearing completion, which is expected in early
2017."
Copies of the interim report will be available shortly 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, enabling it to tightly control its development and
overhead costs.
Construction work is ongoing on all of the sites owned by the
company with the work at Hildenborough, Burnside, Tunbridge Wells
and Edenbridge due to be completed in early 2017 with completion of
the Speldhurst and Sheerness sites in the summer of 2017.
It is anticipated that the developments will contribute to
turnover for the financial years ending 31 March 2017 and 31 March
2018. As a result of the change in accounting policy revenue is not
recognised until completion of sale (previously on exchange of
contracts).
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
GBP1,000,000 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 2016.
Turnover for the period fell to GBP30,000 (H1 2015: GBP531,000)
reflecting the disposal of three car park spaces that were retained
on the Borough Green site following its successful sale in the
previous year.
A small gross loss of GBP3,000 resulted in a pre-tax loss of
GBP132,000 after overheads (H1 2015: loss GBP168,000) and earnings
per share (EPS) of (0.05p) (H1 2015: (0.07p)).
Cash in bank at 30 September 2016 was GBP167,107.
The loss recorded for the period was as a result of there being
little turnover and no profit for the period following the
application of the Company's overheads for the six months.
Despite the lack of turnover, the Company expanded its operation
during the period by continuing with the development of the three
sites at Edenbridge, Hildenborough and Burnside, Tunbridge Wells,
all of which are now on course for completion in early 2017.
Development work commenced in the year at Speldhurst, Tunbridge
Wells and Sheerness which are due for completion in the summer of
2017. Planning permission is still awaited on the site at
Staplehurst, Kent.
For the financial year ending 31 March 2017, the Company
anticipates turnover and related unit profit from any sales of the
completed units at Burnside, Tunbridge Wells, Hildenborough and
Edenbridge. The sales of any unsold units will contribute to the
turnover and profitability for the year ending 31 March 2018,
together with sales at Speldhurst, Tunbridge Wells and
Sheerness.
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 2018.
On the strategic development site at Staplehurst, the Company,
following advice from its planning consultants, continues to seek
planning permission and will be submitting a further planning
application in the near future.
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 Board believes the Company is now entering a growth phase,
through land acquisition and development, whilst also considering
possible corporate acquisitions.
C C Johnson
Chief Executive
30 November 2016
CONSOLIDATED UNAUDITED INTERIM RESULTS FOR THE
SIX MONTHSED 30 SEPTEMBER 2016
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 2016 2015 2016
GBP'000 GBP'000 GBP'000
Revenue 30 531 2,235
Cost of sales (33) (530) (1,758)
Gross (loss)/profit (3) 1 477
Administrative expenses (129) (169) (279)
Underlying operating (loss)/profit* (132) (168) 198
Other interest receivable
and similar income - - 7
Interest payable and similar - - -
charges
(Loss)/profit before taxation (132) (168) 205
Tax payable on profit on 4 - - -
ordinary activities
(Loss)/profit after taxation
for the period (132) (168) 205
Other comprehensive income
Total comprehensive (loss)/income
for the period (132) (168) 205
(Loss)/profit attributable
to:
Equity holders of the parent (132) (168) 205
Total comprehensive (loss)/income
for the period attributable
to:
Equity holders of the parent (132) (168) 205
(LOSS)/PROFIT PER ORDINARY
SHARE;
Basic/Diluted 5 (0.05)p (0.07)p 0.09p
* Operating (loss)/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 2016
30 September 30 September 31 March
(Unaudited) (Unaudited) (Audited)
Note 2016 2015 2016
GBP'000 GBP'000 GBP'000
Non-current assets
Tangible fixed assets 2 1 2
2 1 2
Current assets
Inventory 3,988 2,103 2,276
Trade and other receivables 94 80 437
Cash at bank and in hand 167 197 278
4,249 2,380 2,991
Total assets 4,251 2,381 2,993
Creditors: amounts falling
due within one year
Trade and other payables (245) (110) (152)
Borrowings (1,545) (775) (741)
Net current assets 2,461 1,496 2,100
Non-current liabilities
Borrowings (3,715) (2,992) (3,222)
Net liabilities (1,254) (1,496) (1,122)
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 (1,985) (2,227) (1,853)
Equity - attributable to
the owners of the parent (1,254) (1,496) (1,122)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six-month period ended 30 September 2016
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 2016 2,384 1,165 (2,818) (1,853) (1,122)
Loss for period - - - (132) (132)
Other comprehensive - - - - -
income for the period
--------- --------- ------------- ----------- --------
Total comprehensive
income for the period - - - (132) (132)
--------- --------- ------------- ----------- --------
Issue of shares - - - - -
Share issue costs - - - - -
--------- --------- ------------- ----------- --------
At 30 September 2016 2,384 1,165 (2,818) (1,985) (1,254)
--------- --------- ------------- ----------- --------
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 2016
6 month 6 month Year
period period ended
ended ended 31 March
30 September 30 September (Audited)
(Unaudited) (Unaudited)
2016 2015 2016
GBP'000 GBP'000 GBP'000
Cash flow from operating
activities
Operating (loss)/profit (132) (168) 198
Depreciation charges - - -
(Increase)/decrease in stocks (1,712) (219) (392)
(Increase)/decrease in debtors 343 1 (356)
Increase/(decrease) in creditors 93 39 81
Other income - - 8
Net cash (outflow)/inflow
from operating activities (1,408) (347) (461)
Investing activities
Purchase of tangible fixed
assets - - (2)
Net cash used in investing
activities - - (2)
Taxation - - -
Financing activities
Issue of shares - - -
Net new loans/(loan repayments)
in period 1,353 643 695
Share issue costs - - -
Amount (withdrawn) by directors (56) (590) (445)
Interest paid - - -
Net cash flow from financing 1,297 53 250
(Decrease) in cash and cash
equivalents in the period (111) (294) (213)
Cash and cash equivalents
at the beginning of the year 278 491 491
Cash and cash equivalents
at the end of the period 167 197 278
NOTES TO THE FINANCIAL INFORMATION
For the six-months ended 30 September 2016
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 2016 to 30
September 2016. The results for the year ended 31 March 2016 have
been extracted from the statutory financial statements for the
Company for the year ended 31 March 2016. The interim financial
information should be read in conjunction with the audited
financial statements for the group for the year ended 31 March
2016.
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
2016, except that in future profits will only be booked on
completion of sales rather than on exchange of contracts.
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 2016 was approved by the directors on 30 November
2016.
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
cash-flows.
NOTES TO THE FINANCIAL INFORMATION
For the six-months ended 30 September 2016
4. TAXATION
6 month 6 month Year
period period ended
ended ended 31 March
30 September 30 September (Audited)
(Unaudited) (Unaudited)
2016 2015 2016
GBP'000 GBP'000 GBP'000
Current tax - - -
Tax charge/(credit) - - -
(Loss)/profit on ordinary
activities before tax (132) (168) 205
Based on profit for the period:
Tax at 20% - - 41
Effect of:
Losses (not utilised)/utilised - - (41)
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)
2016 2015 2016
GBP'000 GBP'000 GBP'000
(Loss)/profit for the period (132) (168) 205
Weighted average number of
shares for basic Profit/(loss)
per share 238,375,200 236,708,533 238,375,200
Weighted average number of
shares for diluted Profit/(loss)
per share 238,375,200 236,708,533 238,375,200
(LOSS)/PROFIT PER ORDINARY
SHARE;
Basic (0.05)p (0.07)p 0.09p
Diluted (0.05)p (0.07)p 0.09p
NOTES TO THE FINANCIAL INFORMATION
For the six-months ended 30 September 2016
6. SHARE CAPITAL
Authorised Share Capital
30 September 31 March
2016 2016
Number Number
Ordinary shares of 1p each 238,375,200 238,375,200
Issued, allotted and fully
paid
Authorised Share Capital
30 September 31 March
2016 2016
GBP'000 GBP'000
Ordinary shares of 1p each 2,384 2,384
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LBLFXQFFEFBF
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