8th Apr 2016 09:02
LONDON (Alliance News) - Trafalgar New Homes PLC, the residential property developer operating in southeast England, on Friday said it expects to report a return to profit when it publishes results for its recently ended financial year, with the company now looking to complete GBP7.8 million worth of developments over a two-year period on sites it owns.
In a statement, the AIM-listed company said it expects to report revenue in the region of GBP2.2 million in its financial year that ended March 31. In the previous financial year, Trafalgar made a GBP619,106 pretax loss on revenue of GBP3.9 million.
Trafalgar New Homes said it is in line to meet market expectations for the results, thanks to the completion of the two projects at Ticehurst in East Sussex and Borough Green in Kent.
"We are confident that the difficulties we experienced in the first half of the year are now firmly behind us and that there are no further legacy issues," Chief Executive Officer Chris Johnson said in a statement. The company made a GBP168,000 pretax loss in the six months ended September 30, on revenue of GBP531,000.
The company said it expects a "period of growth" for the business. The developments it wants to complete have a gross development value of GBP7.8 million.
"We believe that local residential demand will remain strong, despite the new stamp duty levies now in place, and that there remains significant scope for us to exploit the buoyant house building market in the southeast. The outlook for the company is exciting and we look forward to providing a further update at our full year results," Johnson said.
Shares in Trafalgar New Homes were up 27% at 0.950 pence on Friday morning.
By Samuel Agini; [email protected]; @samuelagini
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