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St Mark Homes Plc - Half-year Report

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St Mark Homes PLC · SMAP

30/09/2022 07:00

St Mark Homes Plc - Half-year Report PR Newswire

30 September 2022

St Mark Homes Plc

(''SMH'' or “the Company'')

Unaudited Interim Report for the six-month period ended 30 June 2022

Review of operations for the six month period ended 30 June 2022

The Directors are pleased to announce the interim results for six months ended 30 June 2022. 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 £146,510 (2021 loss - £49,420) for the period.

The construction industry is experiencing continuing supply chain delays and cost increases in recent times. Our projects have also been delayed as a consequence of subcontractor insolvency. This had a significant impact on progress on our Uxbridge Road and High Road Finchley projects.

The net assets per share stands currently stand at 116p (June 2021: 120p) at the end of this interim reporting period. No dividend ( 2021: 3p) was  paid during the period. The Board will consider an interim dividend for 2022 as the current portfolio of projects complete. 

A summary of the progress on our current projects is set out below: 

Sutton High Street, Sutton 

The Group retains a 40% interest in a development site at Sutton High Street.  In November 2020 the Group, in association with its joint venture partner, successfully secured planning consent from the London Borough of Sutton for the extension of the  ground  floor  retail  space  at  its  previous developed scheme at 324 – 340 High Street, Sutton, together with approval for a new six-storey building comprising 30 residential apartments over ground floor retail space and basement car park on the adjacent land at 342 – 346 High Street, Sutton.  Construction works are now underway with completion of the scheme scheduled for the second quarter of 2023.

The developer has exchanged contracts with a FTSE 100 retailer for the letting of the ground floor retail space. 

The Group plans to commence marketing of the residential element of this scheme later this year.

Gwynne Road, London, SW11 

The Group has a 40% interest in the redevelopment of this site with its joint venture partner. The initial phase of the project was completed in 2020 providing a mixed-use development of commercial/retail at ground and mezzanine levels and 33 residential flats above. The apartments have all been sold while the commercial sector of the scheme continues to be marketed by our appointed agents.  We are currently exploring additional / further planning options at the development. 

Uxbridge Road, Hanwell, W5 

The Group has a 50% interest in the redevelopment of this site with full planning permission in place to provide 43 residential units (7 houses and 36 apartments) and ground floor retail fronting Uxbridge Road, Hanwell, West London. The development is located just 200m from the new Elizabeth line station at Hanwell. Construction of the project has been delayed and is over budget and the Board now expect practical completion next month. The business has already secured a FTSE 100 tenant for 80% of the retail space and agreed terms for disposal of all commercial space to an investor. 11 of the residential units are now sale agreed.

Twyford Avenue, Muswell Hill, N2

The Group retains a 50% joint venture stake in a new build housing scheme in Muswell Hill, North London. This development is of seven new houses with off street parking in an affluent and much sought after area of North London. Sales of three units have completed since the period end and a further two have exchanged contracts. A further two units are sale agreed and are well advanced in legals with contracts expected to be exchanged in October 2022. 

High Road, Finchley,N12

The Group has a 50% joint venture stake in a new build housing scheme in Finchley, North London. This development will see the construction of 5 houses. Construction works are expected to be complete in Spring 2023.

Signed on behalf of the board on 29 September 2022.

S Ryan

Unaudited Consolidated Profit and loss account and statement of comprehensive income for the six months ended 30 June 2022

2022 2021
Group turnover 21,600 108,000
Cost of sales (14,797) (14,400)
Gross Profit 6,803 93,600
Administrative expenses (188,804) (183,147)
Operating (Loss) (182,001) (89,547)
Share of operating profit in joint venture 11,498           -
( Loss) before interest and taxation (170,503) (89,547)
Interest receivable and similar income 25,729 40,387
Interest payable and similar charges (1,736) (260)
(Loss) on ordinary activities before taxation (146,510) (49,420)
Taxation on ordinary activities    27,832 9,385
________ ________
(Loss) on ordinary activities after taxation (118,678) (40,035)
________ ________
Profit/ (Loss) per share – basic and diluted 
Ordinary shares (2.7p) (0.9p)

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 2022

Jun-22 Jun-22 Jun-21 Jun-21
Non Current assets
Tangible assets 761 1,045
Current assets
Debtors 5,211,802 5,099,157
Cash at bank and in hand  45,944 284,559
________ ________
5,257,746 5,383,716
Creditors: amounts falling
due within one year (119,079) (70,557)
________ ________
Net current assets 5,138,667 5,313,159
Creditors: amounts falling
due in more than one year (27,815) (38,464)
________ ________
Net Assets 5,111,613 5,275,740
________ ________
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 375,246 375,246
Merger Reserve 327,060 327,060
Profit and loss account 981,424 1,145,551
________ ________
Shareholders’ funds 5,111,613 5,275,740
________ ________

Notes forming part of the unaudited interim report  for the six months ended 30 June 2022

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 2021, which have been applied consistently. The financial statements for the year ended 31 December 2021 have been filed at Companies House. The company’s auditors Moore 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% (2021- 19%) of the taxable (loss)/profit for the period.

3.         Earnings per share

Earnings per share has been calculated by dividing the (loss) after tax for the period of (£118,678) (2021 – (£40,035)) by the weighted average number of ordinary shares in issue of 4,413,003 (2021 - 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
Alfred Henry Corporate Finance Ltd, AQSE Growth Market Corporate Adviser
Jon Isaacs / Nick Michaels Tel: +44 (0) 20 3772 0021

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