26th Sep 2008 08:00
SECURED PROPERTY DEVELOPMENTS PLC Rowlandson House 289/293 Ballards Lane London N12 8NP UNAUDITED Results for the period to 30th June 2008
The unaudited results for the six months to 30th June 2008 can be compared with those for the same period in 2007 and for the year 2007 as follows:-
6 months ended 6 months ended Year ended 30th June 2008 30th June 2007 31st December 2007 GBP GBP GBP TURNOVER 76036 214798 290929Cost of SalesGROSS PROFIT 76036 214798 290929Administrative expenses (96310) (32220) (64213)OPERATING (LOSS)/PROFIT FROMCONTINUING OPERATIONS (20274) 182578 226716Interest received 6074 1394 2995Interest Paid (32644) (32894) (70189)(LOSS)/PROFIT ON ORDINARY (46844) 151078 159522ACTIVITIES BEFORE TAXATIONTaxation - (16600) (19139)(LOSS)/PROFIT AFTER TAXATION (46844) 134478 140383(Loss)/Earnings per share (2.38)p 6.82p 7.12p
The loss for the period of ‚£46,844 (2007 ‚£134,478 profit) can be attributed to two major factors. Firstly in 2008 the Group has not had the benefit of any project loan interest which in 2007amounted to ‚£139,789 and secondly as mentioned below significant costs relating to the raising of new finance were incurred during the period.
We completed the raising of ‚£1,500,000 new finance on 3rd June of this year. The money raised is five year money at a fixed rate of 6.92%. This has enabled us to repay loans of ‚£964,080 which fell due during the period. It leaves us with funds for further investment of in excess of ‚£500,000 which will enable us to take advantage of the current distressed market in which we are operating and where unusually good investment opportunities may well arise.
The cost of raising the new money including commitment and professional fees has had a major adverse impact on the results for the first half of the year. However, we are of the view that the strategy which we have adopted to raise funds will be likely to bear fruit in the medium term.
Philip CottamChairman26 September 2008 Company No. 2055395 Registered office: as above
vendorRelated Shares:
Frasers Group