St Mark Homes Plc Half-year Report
30 September 2022 - 4:00PM
UK Regulatory
TIDMSMAP
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
Director
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
seanryan@stmarkhomes.com
Alfred Henry Corporate Finance Ltd, AQSE
Growth Market Corporate Adviser
Jon Isaacs / Nick Michaels Tel: +44 (0) 20 3772 0021
www.alfredhenry.com
END
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