St Mark Homes Plc - Half-year Report PR Newswire

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 £18,272 (2017 - £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

                                                                    £

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 taxation   18,272    210,976

Taxation on ordinary activities                         3,747   (20,441)

                                                      ________  _________

Profit /(Loss) on ordinary activities after taxation   22,019    190,535

                                                      ________  _________

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

                                                     £         £

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 £16,585 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