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St Mark Homes Plc - Half-year Report

Announcement provided by

St Mark Homes PLC · SMAP

29/09/2023 07:00

St Mark Homes Plc - Half-year Report PR Newswire


29 September 2023


St Mark Homes Plc


(''SMH'' or “the Company'')


Unaudited Interim Report for the six-month period ended 30 June 2023


Review of operations for the six month period ended 30 June 2023

The Directors announce the interim results for six months ended 30 June 2023. The company continues to trade as a residential and mixed-use property developer. The trading environment remains difficult and the Directors report a pre-tax loss of £1,210,965 (2022 loss - £146,510) for the period.

The construction industry is experiencing continuing supply chain delays and cost increases over 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 currently stand at 57p (June 2022: 116p) at the end of this interim reporting period. No dividend was paid during the period.
A summary of 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  previously 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 with basement car park on the adjacent land at 342 – 346 High Street, Sutton.  The residential construction works are continuing subject to ongoing delays and are now scheduled to complete in the first quarter of 2024.


The developer has completed the construction and letting of the ground floor retail space with Kingfisher PLC and is currently marketing the long lease for this element of the scheme for sale. Commercial yields have moved substantially during the course of this project and the net proceeds from this sale are now projected to be circa 70% of the initial valuations. The adverse impacts of the commercial valuation fall, increased construction costs and increased finance charges have continued during the period and we have accordingly increased our provision on this project by £718,533 during the period.


The developer 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.


During the period we have increased our provision on this project by £351,816. This has arisen as a result of a weak sales market and increased interest cost.



Twyford Avenue, Muswell Hill, N2


The Group had taken a 50% joint venture stake in a new build housing scheme in Muswell Hill, North London. The final unit on this project was sold during the period. We recognized a profit of £67,326 on this disposal.



High Road, Finchley,N12


The Group has taken 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 have been subject to ongoing delays and are now expected to be complete prior to the end of the year. A show unit will be available in October 2023. We have increased our provision for loss on this project by £6,563 during the period.


The board are focused on recovery of amounts invested into joint venture entities. In addition we will conduct a review of operations with the intention of bringing forward some shareholder exit mechanism at the 2024 AGM prior to committing funds to any new joint ventures.



Signed on behalf of the board on 28 September 2023.




S Ryan




Unaudited Consolidated Profit and loss account and statement of comprehensive income for the six months ended 30 June 2023












Group turnover




Cost of sales




Gross Profit




Administrative expenses




Operating (Loss)




Share of operating profit in joint venture




( Loss) before interest and taxation




Interest receivable and similar income




Interest payable and similar charges








(Loss) on ordinary activities before taxation




Taxation on ordinary activities








(Loss) on ordinary activities after taxation








Profit/ (Loss) per share – basic and diluted




Ordinary shares






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 2023


















Non Current assets





Tangible assets










Current assets










Cash at bank and in hand




















Creditors: amounts falling





due within one year















Net current assets















Creditors: amounts falling





due in more than one year




















Net Assets















Capital and reserves





Called up share capital





Capital redemption reserve





Other reserve





Share Premium





Merger Reserve





Profit and loss account















Shareholders’ funds













Notes forming part of the unaudited interim report

for the six months ended 30 June 2023





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 2022, which have been applied consistently. The financial statements for the year ended 31 December 2022 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 and applying a consistent policy with the 2022 audited accounts the company has not taken a tax credit on losses incurred.


3. Earnings per share


Earnings per share has been calculated by dividing the (loss) after tax for the period of (£1,210,965) (2022 – (£118,678)) by the weighted average number of ordinary shares in issue of 4,413,003 (2022 - 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


Nick Michaels/Maya Klein Wassink

Tel: +44 (0) 20 3772 0021



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