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DJ St Mark Homes Plc Half-year Report

 
TIDMSMAP 
 
6 September 2017 
 
                               St Mark Homes Plc 
 
                          ("SMH" or "the Company") 
 
     Unaudited Interim Report for the six month period ended 30 June 2017 
 
 
Review of operations for the six month period ended 30 June 2017 
 
The Directors are pleased to announce the interim results for six months ended 
30 June 2017. The company continues to trade profitably as a residential and 
mixed use property developer. 
 
The Directors are pleased to report a pre-tax profit of GBP210,976 (2016 - GBP 
315,493) for the period. 
 
The Company paid an interim Ordinary share dividend of 5.5p per share on 14 
July 2017 (2016 - 5.0p). This dividend was not accrued in the accounts at 30 
June 2017. This represents a 10% growth in dividend over the corresponding 
period last year. The net assets per share stands at 136 pence (2016 - 137p) at 
the end of this interim reporting period. 
 
The Company is also pleased to announce plans to initially raise up to GBP2m 
through the issue of 2 1?2 year corporate bonds through the Crowdstacker 
platform in the coming months. The bonds will carry an annual coupon of 6% and 
will be ISA eligible. The Directors believe that this additional capital will 
enable the Company to make a number of new project investments and should lead 
to a stronger and more profitable business going forward. 
 
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 commercial space and is in advanced 
negotiations with a high street retailer on the letting of this space.   The 
Company also retains an interest in the commercial space and the neighbouring 
derelict old Prince Regent public house site.   Following an extensive 
consultation with the local authority our development partner   intends to make 
a detailed planning application to redevelop the derelict public house site to 
provide a new build development of 35 residential units over ground floor 
commercial / retail space in late September 2017. 
 
Gwynne Road, London, SW11 
 
St Mark has taken a 40% joint venture interest in the redevelopment of the site 
at 55- 66 Gwynne Road.   Construction of this mixed-use scheme (33 residential 
flats over ground and first floor commercial/retail space) is now well underway 
and is forecast to be completed toward the end 2018.  The Company is delighted 
to report that contracts have been exchanged 11 of the 33 residential units 
(representing the affordable / social housing element of the scheme). Given the 
relatively early stage of construction we have not recognised our profit share 
on this exchanged element at this time. 
 
London Road, Hounslow, TW3 
 
St Mark has taken a joint venture interest of up to 40% in this development of 
34 all private flats in Hounslow, West London. Construction is well underway 
and is forecast to be completed in May / June 2018. Marketing of the scheme is 
scheduled to start in earnest in Autumn 2017. 
 
Signed on behalf of the board 
 
S Ryan 
 
Director 
 
 
 
Unaudited Consolidated Profit and loss account and statement of comprehensive 
income for the six months ended 30 June 2017 
 
                                                        2017       2016 
 
                                                         GBP           GBP 
 
Group turnover                                         71,325    1,423,749 
 
Cost of sales                                         (10,806)  (1,153,400) 
 
Gross Profit                                           60,519     270,349 
 
Administrative expenses                              (117,847)   (181,110) 
 
Operating Profit/(Loss)                               (57,328)    89,239 
 
Negative Goodwill Released                            104,789 
 
Joint developers share of profit                         -       (100,062) 
 
Share of operating profit in joint venture             30,220     223,387 
 
Profit before interest and taxation                    77,681     212,564 
 
Interest receivable and similar income                133,409     103,020 
 
Interest payable and similar charges                   (114)       (91) 
 
Profit/(Loss) on ordinary activities before           210,976     315,493 
taxation 
 
Taxation on ordinary activities                       (20,441)   (63,099) 
 
                                                     _________  __________ 
 
Profit /(Loss) on ordinary activities after           190,535     252,394 
taxation 
 
                                                     _________  __________ 
 
Profit/ (Loss) per share - basic and diluted 
 
Ordinary shares                                         4.3p       8.6p 
 
 
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 2017 
 
                                         Jun-17     Jun-17     Jun-16     Jun-16 
 
                                           GBP          GBP          GBP          GBP 
 
Non Current assets 
 
Tangible assets                                        1,227                 1,636 
 
Current assets 
 
Debtors                                 5,219,842             4,739,511 
 
Cash at bank and in hand                  955,349                31,662 
 
                                         ________              ________ 
 
                                        6,171,191             4,771,173 
 
Creditors: amounts falling 
 
due within one year                     (186,492)             (721,448) 
 
                                        _________              ________ 
 
Net current assets                                 5,988,699             4,049,725 
 
                                                   _________              ________ 
 
Net Assets                                         5,989,926             4,051,361 
 
                                                   _________              ________ 
 
Capital and reserves 
 
Called up share capital                            2,206,501             1,478,478 
 
Capital redemption reserve                         1,009,560             1,009,560 
 
Other reserve                                        211,822               211,822 
 
Share Premium                                        375,246                     - 
 
Merger Reserve                                       327,060                     - 
 
Profit and loss account                            1,859,737             1,351,501 
 
                                                   _________              ________ 
 
Shareholders' funds                                5,989,926             4,051,361 
 
                                                   _________              ________ 
 
 
 
Notes forming part of the unaudited interim report 
for the six months ended 30 June 2017 
 
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 2016, which 
have been applied consistently. The financial statements for the year ended 31 
December 2016 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 19.25% 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 GBP190,535 by the weighted average number of ordinary shares in issue 
of 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. 
 
 
 
END 
 

(END) Dow Jones Newswires

September 07, 2017 02:00 ET (06:00 GMT)