St Mark Homes Plc - Half-year Report

30 September 2019

St Mark Homes Plc
(''SMH'' or “the Company'')

Unaudited Interim Report for the six-month period ended 30 June 2020

Review of operations for the six month period ended 30 June 2020

The Directors are pleased to announce the interim results for six months ended 30 June 2020. The company continues to trade as a residential and mixed use property developer. The trading environment remains challenging and the Directors  report a  pre-tax loss of £83,758 (2019 profit - £84,407) for the period.

The net assets per share stands currently stand at 125p (June 2019 – 126p) 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 to work, in association with its development partner, on the procurement of planning consent at High Street, Sutton.   An extensive & lengthy consultation with local neighbourhood groups, councillors and local authority officers resulted in a fresh planning application ( lodged in May 2020 ) for the regeneration of the site to provide a new build mixed use development of 30 residential units over ground floor commercial / retail space.  A decision is expected in late Autumn 2020.

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 element continues to be marketed through our commercial agents.

London Road, Hounslow, TW3

St Mark had 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 2020 all flats have now been sold.   

Uxbridge Road, Hanwell, W5

St Mark retains a joint venture interest of 50% in the development of 36 apartments (over new ground floor retail space) and 7 houses in Hanwell, West London.  

Construction is well underway on site.  The first phase ( 7 houses ) is expected to be completed in Spring 2021.   The apartments and ground floor retail ( Phase II ) is due for completion in Autumn 2021.  A pre-let is in place for 80% of the ground floor retail space to a major supermarket retailer as part of their convenience store brand offering.

Twyford Avenue, Muswell Hill, N2

St Mark has taken a joint venture interest of 50% in the development of seven houses in affluent Muswell Hill, London, N2. Contracts were exchanged for land acquisition at the end of July 2020 with completion on 25 September 2020 and detailed design works are now well underway.  Construction is set to commence in earnest in  November 2020 with completion of works forecast for late Autumn 2021.

High Road, Finchley,N12

St Mark has agreed to take a 50% joint venture interest (on a subject to planning basis) for the development of 6 houses in Finchley, London, N12.   Construction is set to commence in the spring 2021 and is scheduled to be completed in Spring 2022.

Signed on behalf of the board on 29 September 2020

S Ryan
Director

Unaudited Consolidated Profit and loss account
and statement of comprehensive income
for the six months ended 30 June 2020

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 2020

Notes forming part of the unaudited interim report
for the six months ended 30 June 2020

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 2019, which have been applied consistently. The financial statements for the year ended 31 December 2019 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% (2019 - 19%) of the taxable (loss)/profit for the period.

3.         Earnings per share

Earnings per share has been calculated by dividing the (loss)/profit after tax for the period of (£68,272) (2019 - £68,369) by the weighted average number of ordinary shares in issue of 4,413,003 (2019 - 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: