St Mark Homes Plc Half-year Report
29 Settembre 2023 - 8:00AM
UK Regulatory
TIDMSMAP
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
Director
Unaudited Consolidated Profit and loss account and statement of comprehensive
income for the six months ended 30 June 2023
2023 2022
Group turnover - 21,600
Cost of sales (14,400) (14,797)
Gross Profit (14,400) 6,803
Administrative expenses (186,893) (188,804)
Operating (Loss) (201,293) (182,001)
Share of operating profit in joint venture (1,009,586) 11,498
( Loss) before interest and taxation (1,210,879) (170,503)
Interest receivable and similar income 168 25,729
Interest payable and similar charges (254) (1,736)
(Loss) on ordinary activities before taxation (1,210,965) (146,510)
Taxation on ordinary activities - 27,832
________ ________
(Loss) on ordinary activities after taxation (1,210,965) (118,678)
________ ________
Profit/ (Loss) per share - basic and diluted
Ordinary shares (27.4p) (2.7p)
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
Jun-23 Jun-23 Jun-22 Jun-22
Non Current assets
Tangible assets 572 761
Current assets
Debtors 2,587,912 5,211,802
Cash at bank and in hand 11,424 45,944
________ ________
2,599,336 5,257,746
Creditors: amounts falling
due within one year (52,493) (119,079)
________ ________
Net current assets 2,547,843 5,138,667
Creditors: amounts falling
due in more than one year (17,168) (27,815)
________ ________
Net Assets 2,530,247 5,111,613
________ ________
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 (1,599,942) 981,424
________ ________
Shareholders' funds 2,530,247 5,111,613
________ ________
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
seanryan@stmarkhomes.com
Alfred Henry Corporate Finance Ltd,
AQSE Growth Market Corporate Adviser
Nick Michaels/Maya Klein Wassink Tel: +44 (0) 20 3772 0021
www.alfredhenry.com
This information was brought to you by Cision http://news.cision.com
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