ST MARK HOMES PLC - Half-year Report PR Newswire

 St Mark Homes Plc

Unaudited Interim Report for the six month period ended 30 June 2016

Review of operations for the six month period ended 30 June 2016

The Directors announce interim results for six months ended 30 June 2016. The company continues to trade as a residential developer.  

A pre-tax profit of £315,493 (2015 - £144,348) arose during the period.

Distributions to shareholders have also been increased. A 2016 interim dividend of 5.0 pence per share (2015 – 4.5p) was declared on 29 June 2016 and was paid to shareholders on 15 July 2016.

The net assets per share were 137 pence (2015 – 122.5p) at the end of the reporting period.

The company made an offer for the entire share capital of St Mark Contracts Ltd on 17 June 2016. The offer was successful and was declared unconditional on 28 July 2016 (after the reporting period). The Directors believe that the acquisition will lead to a stronger and more profitable business going forward.

A summary of the progress on individual projects is detailed below: 

Forsyth House, Richmond, TW9: Construction of the 26 units was completed in March 2016. Sales were exchanged and profits recognised on 19 units at the end of the reporting period. Since then sales on a further 3 units have completed. Further details can be viewed on the company website at http://www.stmarkhomes.co.uk/forsyth-house.html.

Railshead Road, St Margarets, TW7: Construction of the 21 residential units and commercial space are well advanced with completion expected in September 2016. Contracts have been exchanged on 10 residential units at 30 June 2016. Further information can be viewed on the company website at http://www.stmarkhomes.co.uk/st-margarets-waterside.html.

Sutton High Street, Sutton, SM1: Construction on this 40 residential units and commercial space on this project and is expected to complete in September 2016. Contracts have been exchanged on all residential units at 30 June 2016. The commercial space is under offer and legal negotiations are ongoing. Further sales details are available on the company website at http://www.stmarkhomes.co.uk/sutton-high-st.html.

Signed on behalf of the board

S Ryan

Director

Unaudited Consolidated statement of comprehensive income for the six months ended 30 June 2016


                                                         2016        2015

                                                           £           £

Group turnover                                         1,423,749    1,225,000

Cost of sales                                         (1,153,400) (1,050,000)

Gross Profit                                            270,349       175,000

Administrative expenses                                (181,110)     (83,537)

Operating Profit/(Loss)                                 89,239         91,463

Joint developers share of profit                       (100,062)    (109,375)

Share of operating profit in joint venture              223,387       111,648

Profit before interest and taxation                     212,564        93,736

Interest receivable and similar income                  103,020        90,879

Interest payable and similar charges                     (91)        (40,267)

Profit/(Loss) on ordinary activities before taxation    315,493       144,348

Taxation on ordinary activities                        (63,099)      (28,870)

                                                      __________  __________

Profit /(Loss) on ordinary activities after taxation    252,394       115,478

                                                      __________  __________

Profit/ (Loss) per share – basic and diluted

Ordinary shares                                          8.6p            3.9p



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 2016


                            Jun-16    Jun-16     Jun-15     Jun-15

                               £         £          £          £

Non Current assets

Tangible assets                          1,636                 2,494

Current assets

Debtors                    4,739,511             6,418,628

Cash at bank and in hand      31,662               238,345

                            ________              ________

                           4,771,173             6,565,973

Creditors: amounts falling

due within one year        (721,448)           (3,035,606)

                            ________              ________

Net current assets                   4,049,725             3,621,367

                                      ________              ________

Net Assets                           4,051,361             3,623,861

                                      ________              ________

Capital and reserves

Called up share capital              1,478,478             1,478,748

Capital redemption reserve           1,009,560             1,009,560

Other reserve                          211,822               211,822

Profit and loss account              1,351,501               923,731

                                      ________              ________

Shareholders’ funds                  4,051,361             3,623,861

                                      ________              ________



Company Registration No 03822978

Notes forming part of the unaudited interim report

for the six months ended 30 June 2016

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 2015, which have been applied consistently. The financial statements for the year ended 31 December 2015 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 20% 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 £252,394    by the weighted average number of ordinary shares in issue of 2,957,495.

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.

ENDS