St Mark Homes Plc - Half-year Report

St Mark Homes Plc - Half-year Report

PR Newswire

London, September 26

26 September 2019

St Mark Homes Plc

('SMH' or "the Company')

Unaudited Interim Report for the six-month period ended 30 June 2019

Review of operations for the six month period ended 30 June 2019

The Directors are pleased to announce the interim results for six months ended 30 June 2019. The company continues to trade profitably as a residential and mixed use property developer. The trading environment remains challenging and the Directors are pleased to report a pre-tax profit of £84,407 (2018 - £18,272) for the period.

The Company paid an interim Ordinary share dividend of 5.5p per share in June 2019. The Company also paid an interim dividend of 5.5p July 2018. The net assets per share stands currently stand at 126p (June 2018 - 134p) at the end of this interim reporting period having accounted for the payment of both the July 2018 and June 2019 interim dividend payments.

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

Sutton High Street, Sutton

The Company has invested in a regeneration property development venture at Sutton High Street. Phase I of the development project (consisting of 41 residential units over ground floor retail space ) was completed in October 2016. All residential units have been sold on this first phase. The Company retains an interest in the remaining ground floor commercial space of phase I, as well as phase II of the project ( currently a disused and derelict public house site ) where we hope to secure planning permission for redevelopment in association with our development partner. Planning on phase II has been challenging but following the clarification as to what will be acceptable to the Planning Inspectorate in July 2019 we plan to submit an acceptable ( and compliant ) planning application for a new build development of 30 residential units over ground floor commercial / retail space on phase II in Autumn 2019.

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 sector is under offer with solicitors now instructed.

London Road, Hounslow, TW3

St Mark has 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 2019 4 flats remain unsold and 2 of which have been sold since the period end in July 2019 leaving just 2 flats remaining for sale.

Heron House, Wembley, HA9

St Mark has a joint venture interest of 40% in this development of 40 flats ( over new ground floor commercial offices ) in Wembley, Middlesex. Construction is set to commence later in 2019 and is scheduled to be complete in the latter part of 2021.

Uxbridge Road, Hanwell, W5

St Mark has taken a joint venture interest of 50% in this development of 36 apartments ( over new ground floor retail space ) and seven houses in Hanwell, London Construction is set to commence in the latter part of 2019 and is scheduled to be completed in the early part of 2021.

Signed on behalf of the board on 26 September 2019

S Ryan
Director

Unaudited Consolidated Profit and loss account and statement of comprehensive income for the six months ended 30 June 2019

		2019	2018
Group turnover		126,000	139,200
Cost of sales		(14,000)	(13,200)
Gross Profit		112,000	126,000
Administrative expenses		(222.256)	(188,882)
Operating Profit/(Loss)		(110,256)	(62,882)
Negative Goodwill Released		-	37,993
Share of operating profit in joint venture		135,734	17,629
Profit before interest and taxation		25,478	(7,260)
Interest receivable and similar income		163,286	124,790
Interest payable and similar charges		(104,357)	(99,258)
Profit/(Loss) on ordinary activities before taxation		84,407	18,272
Taxation on ordinary activities		(16,038)	3,747
		________	________
Profit /(Loss) on ordinary activities after taxation		68,369	22,019
		________	________
Profit/ (Loss) per share - basic and diluted
Ordinary shares		1.6p	0.5p

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 2019

	Jun-19	Jun-19	Jun-18	Jun-18
Non Current assets
Tangible assets		690		921
Current assets
Debtors	7,940,030		8,765,671
Cash at bank and in hand	1,169,197		753,749
	________		________
	9,119,227		9,519,420
Creditors: amounts falling
due within one year	(2,432,379)		(153,315)
	________		________
Net current assets		6,686,848		9,366,105
				_________
Creditors: amounts falling
due in more than one year		(1,122,680)		(3,465,157)
		________		_________
Net Assets		5,564,858		5,901,869
		________		_________
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		1,434,669		1,771,680
		________		________
Shareholders' funds		5,564,858		5,901,869
		________		________

Notes forming part of the unaudited interim report
for the six months ended 30 June 2019

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 2018, which have been applied consistently. The financial statements for the year ended 31 December 2018 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% (2018- 19%) of the taxable (loss)/profit for the period.

3. Earnings per share

Earnings per share has been calculated by dividing the profit after tax for the period of £68,369 (2018 - £16,585) by the weighted average number of ordinary shares in issue of 4,413,003 (2018 - 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: [phone]
	[e-mail]
Alfred Henry Corporate Finance Ltd, NEX Exchange Corporate Adviser
Jon Isaacs / Nick Michaels	Tel: [phone]
	www.alfredhenry.com