TIDMTRAF
RNS Number : 5511X
Trafalgar Property Group PLC
19 December 2019
19th December 2019
TRAFALGAR PROPERTY GROUP PLC
("Trafalgar", the "Company" or "Group")
Interim Results
for the six months ended 30 September 2019
Trafalgar (AIM: TRAF), the AIM quoted residential property
developer operating in southeast England, announces its interim
results for the six months ended 30 September 2019 (the
"Period").
Key financials:
-- Turnover for the Period was GBP2,286,000 (H1 2018: GBP 1,780,000);
-- Gross loss of GBP145,000, giving a pre-tax loss of GBP528,000
after overheads (H1 2018: nil, pre-tax loss: GBP224,000);
-- EPS of (0.11p) (H1 2018: (0.05p)); and
-- Cash in bank at period end was GBP27,780 (2018: GBP16,178);
as at 18 December 2019 cash in bank was GBP14,000.
Copies of the interim report will be available later today on
the Company's website, www.trafalgarproperty.group
Enquiries:
Trafalgar Property Group Plc
Christopher Johnson +44 (0) 1732 700 000
Spark Advisory Partners Ltd -AIM Nominated
Adviser and Broker
Matt Davis +44 (0) 20 3368 3550
Notes to Editors:
Trafalgar Property Group Plc is the holding company of Trafalgar
New Homes Limited, a residential property developer operating in
the southeast of England and Trafalgar Retirement + Limited, a
property developer in the assisted living and extra care for the
elderly sector. The founders have a long track record of developing
new and refurbished homes, principally in Kent.
The Company's focus is on the select acquisition of land for
residential property development. The Company outsources all
development activities, for example the obtaining of planning
permission, design and construction, and uses fixed price build
contracts, enabling it to tightly control its development and
overhead costs.
For further information visit www.trafalgarproperty.group
CHIEF EXECUTIVE'S REPORT
I present the Company's Interim Results for the six month period
to 30(th) September 2019. Revenue for the period was GBP 2,286,000
and costs of sales was GBP 2,431,220, giving a gross loss for the
period of GBP145,220.
Other income amounted to GBP 43,131. Interest paid was GBP 5,319
and administrative expenses for the period amounted to GBP 420,636
(2018: GBP307,000). The increase in general administration expenses
related to the additional costs incurred following the acquisition
of Beaufort Homes Limited now known as Trafalgar Retirement +
Limited (Traf +) which took place during the previous 2018
financial year and the writing off in the current period of costs
incurred on sites inherited where options failed to
materialise.
The result of the above is an operating loss for the period of
GBP 528,045. This includes a loss of GBP 324,000 relating to the
abortive Camberley acquisition.
During the period due to the lack of activity in the market
generally it was decided to rent out the remaining unsold
properties, Orchard House, Hildenborough and Burnside Court,
Tunbridge Wells. These properties were transferred to Selmat
Limited, the wholly owned subsidiary, properties refinanced and the
bank loans repaid. All of the properties have been let out on
Assured Shorthold Tenancy Agreements.
There was retained within the development portfolio of Trafalgar
New Homes Limited, the executive detached house at Saxons,
Speldhurst, Tunbridge Wells and the six houses under construction
at Wellesley Road, Sheerness, Kent. Saxons has recently been sold
for GBP 1.58 million and the six properties at Sheerness are
complete and are now currently on the market.
At Staplehurst, Kent the Company appealed the refusal of its
Planning Application for an Extra Care/Assisted Living consent and
we currently await the result of the Appeal.
As regards the Options held by the group, planning consent has
been forthcoming on two of the sites, one of which (Ewell) was sold
during the period to generate a gross profit of GBP259,152;
Planning consent has also been granted for a three unit scheme in
Ashtead, Surrey and a sale has been agreed, which again, should
show a healthy return.
Other sites under Option are all in the Planning process.
Further development land opportunities are being explored and sites
with planning permission and sites subject to planning are under
consideration.
Paul Treadaway
Chief Executive
CONSOLIDATED UNAUDITED INTERIM RESULTS FOR THE
SIX MONTHSED 30 SEPTEMBER 2019
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 month 6 month Year
period ended period ended ended
30 September 30 September 31 March
(Unaudited) (Unaudited) (Audited)
Note 2019 2018 2019
GBP'000 GBP'000 GBP'000
Revenue 2,286 1,780 2,123
Cost of sales (2,431) (1,717) (2,392)
Gross (loss)/profit (145) 63 (269)
Administrative expenses (421) (307) (473)
Underlying operating (loss)* (566) (244) (742)
Other interest receivable and similar
income 43 - 5
Exceptional items - - (1,559)
Interest payable and similar charges (5) - -
(Loss) before taxation (528) (244) (2,296)
Tax payable on profit on ordinary 4 - - -
activities
(Loss) after taxation for the period (528) (244) (2,296)
Other comprehensive income
Total comprehensive (loss) for
the period (528) (244) (2,296)
(Loss) attributable to:
Equity holders of the parent (528) (244) (2,296)
Total comprehensive (loss) for
the period attributable to:
Equity holders of the parent (528) (244) (2,296)
(LOSS) PER ORDINARY SHARE;
Basic/Diluted 5 (0.11)p (0.05)p (0.54)p
* Operating (loss) before non-recurring items, costs of
acquisition and deemed cost of listing
All results in the current and preceding financial period derive
from continuing operations.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 September 2019
30 September 30 September 31 March
(Unaudited) (Unaudited) (Audited)
Note 2019 2018 2019
GBP'000 GBP'000 GBP'000
Non-current assets
Tangible fixed assets 1 2 1
1 2 1
Current assets
Inventory 4,928 6,624 4,481
Trade and other receivables 62 115 92
Cash at bank and in hand 28 16 32
5,018 6,755 4,605
Total assets 5,019 6,757 4,606
EQUITIES AND LIABILITIES
Current liabilities
Trade and other payables 463 415 442
Borrowings 2,535 1,731 2,502
2,998 2,146 2,944
Non-current liabilities
Borrowings 4,947 5,170 4,273
Total liabilities 7,945 7,316 7,217
Equity attributable to equity
holders of the company
Called up share capital 6 2,632 2,570 2,570
Share premium account 2,661 2,510 2,510
Reverse acquisition reserve (2,818) (2,818) (2,818)
Profit and loss account (5,401) (2,821) (4,873)
Total Equity (2,926) (559) (2,611)
Total Equity and Liabilities 5,019 6,757 4,606
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six month period ended 30 September 2019
Share Share Reverse Retained Total
capital premium acquisition profits equity
reserve /(losses)
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 April 2019 2,570 2,510 (2,818) (4,873) (2,611)
Loss for period - - - (528) (528)
Other comprehensive income - - - - -
for the period
--------- --------- ------------- ----------- --------
Total comprehensive income
for the period - - - (528) (528)
--------- --------- ------------- ----------- --------
Issue of shares 62 188 - - 250
Share issue costs - (37) - - (37)
--------- --------- ------------- ----------- --------
At 30 September 2019 2,632 2,661 (2,818) (5,401) (2,926)
--------- --------- ------------- ----------- --------
For the purpose of preparing the consolidated financial
statement of the Group, the share capital represents the nominal
value of the issued share capital of 1p per share. Share premium
represents the excess over nominal value of the fair value
consideration received for equity shares net of expenses of the
share issue.
The reverse acquisition reserve related to the reverse
acquisition between Trafalgar Property Group plc and Trafalgar New
Homes Limited on 11 November 2011.
On 31(st) May 2019, 62,500,000 addional shares were issued being
ordinary 0.01p shares and 0.03p share premium.
CONSOLIDATED STATEMENT OF CASH FLOWS
For the six month period ended 30 September 2019
6 month 6 month Year
period ended period ended ended
30 September 30 September 31 March
(Unaudited) (Unaudited) (Audited)
2019 2018 2019
GBP'000 GBP'000 GBP'000
Cash flow from operating activities
Operating (loss) (528) (244) (2.296)
Depreciation charges - - -
(Increase)/decrease in stocks (447) 1,170 3,494
(Increase)/decrease in debtors 30 (23) 3
(Decrease)/Increase in creditors (38) 21 48
Interest paid 5 - 145
Net cash outflow/(inflow) from operating
activities (978) 924 1,394
Investing activities
Purchase of tangible fixed assets - - -
Net cash used in investing activities - - -
Taxation - - (291)
Financing activities
Issue of shares 250 - -
Net new loans/(loan repayments) in
period 707 (1,384) (1,521)
Share issue costs (37) - -
Amount injected/(withdrawn) by directors 59 18 320
Interest paid (5) - (328)
Net cash flow from financing 974 (1,366) (1,529)
(Decrease)/increase in cash and cash
equivalents in the period ( 4) (442) 426
Cash and cash equivalents at the
beginning of the year 32 458 458
Cash and cash equivalents at the
end of the period 28 16 32
NOTES TO THE FINANCIAL INFORMATION
For the period ended 30 September 2019
1. GENERAL INFORMATION
This financial information is for Trafalgar Property Group Plc
("the Company") and its subsidiary undertakings. The Company is
incorporated in England and Wales.
2. BASIS OF PREPARATION
The interim consolidated financial information has been prepared
in accordance with International Financial Reporting Standards
(IFRS) and interpretations adopted by the European Union and as
applied in accordance with the provisions of the Companies Act
2006. The interim financial information incorporates the results
for the group for the six month period from 1 April 2019 to 30
September 2019. The results for the year ended 31 March 2019 have
been extracted from the statutory financial statements for the
Company for the year ended 31 March 2019. The interim financial
information should be read in conjunction with the audited
financial statements for the group for the year ended 31 March
2019.
The same accounting policies, presentation and methods of
computation have been followed in these unaudited interim financial
statements as those which were applied in the preparation of the
group's annual financial statements for the year ended 31 March
2019.
The interim consolidated financial information incorporates the
financial statements of Trafalgar Property Group Plc and its
subsidiaries.
The interim financial information for the six months ended 30
September 2019 was approved by the directors on 18th December
2019.
3. SEGMENTAL REPORTING
For the purpose of IFRS 8, the chief operating decision maker
("CODM") takes the form of the Board of Directors. The Directors'
opinion of the business of the Group is that the principal activity
of the Group was property development and there is considered to be
one reportable segment, that of property development carried on in
the UK. The internal and external reporting is on a consolidated
basis with transactions between group companies eliminated on
consolidation. Therefore the financial information of the single
segment is the same as that set out in the consolidated statement
of comprehensive income, the consolidate statement of changes in
equity, the consolidated statement of financial position and
cash-flows.
NOTES TO THE FINANCIAL INFORMATION
For the period ended 30 September 2018
4. TAXATION
6 month 6 month Year
period ended period ended ended
30 September 30 September 31 March
(Unaudited) (Unaudited) (Audited)
2019 2018 2019
GBP'000 GBP'000 GBP'000
Current tax - - -
Tax charge/(credit) - - -
(Loss) on ordinary activities before
tax (528) (244) (2,296)
Based on profit for the period:
Tax at 20% - - -
Effect of:
Losses (not utilised)/utilised - - -
Tax charge for the period - - -
5. (LOSS) PER ORDINARY SHARE
The calculation of (loss) per ordinary share is based on the
following
(losses) and number of shares:
6 month 6 month Year
period ended period ended Ended
30 September 30 September 31 March
(Unaudited) (Unaudited) (Audited)
2019 2018 2019
GBP'000 GBP'000 GBP'000
(Loss) for the period (528) (244) (2,296)
Weighted average number of shares
for basic (loss) per share 487,690,380 425,190,380 425,190,380
Weighted average number of shares
for diluted (loss) per share 487,690,380 425,190,380 425,190,380
(LOSS) PER ORDINARY SHARE;
Basic (0.11)p (0.05)p (0.54)p
Diluted (0.11)p (0.05)p (0.54)p
NOTES TO THE FINANCIAL INFORMATION
For the period ended 30 September 2019
6. SHARE CAPITAL
Authorised Share Capital
30 September 31 March
2019 2019
Number Number
425,190,380 425,190,380
Ordinary shares of 1p each
Issued in period 62,500,000 -
487,690,380 425,190,380
Issued, allotted and fully paid
Authorised Share Capital
30 September 31 March
2019 2019
GBP'000 GBP'000
Ordinary shares 2,632 2,570
Share premium 2,661 2,510
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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of this information may apply. For further information, please
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END
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