St Mark Homes Plc Half-year Report
August 30 2016 - 9:59AM
UK Regulatory
TIDMSMAP
St Mark Homes Plc
Unaudited Interim Report for the six month period ended 30 June 2016
Review of operations for the six month period ended 30 June 2016
The Directors announce interim results for six months ended 30 June 2016. The
company continues to trade as a residential developer.
A pre-tax profit of GBP315,493 (2015 - GBP144,348) arose during the period.
Distributions to shareholders have also been increased. A 2016 interim dividend
of 5.0 pence per share (2015 - 4.5p) was declared on 29 June 2016 and was paid
to shareholders on 15 July 2016.
The net assets per share were 137 pence (2015 - 122.5p) at the end of the
reporting period.
The company made an offer for the entire share capital of St Mark Contracts Ltd
on 17 June 2016. The offer was successful and was declared unconditional on 28
July 2016 (after the reporting period). The Directors believe that the
acquisition will lead to a stronger and more profitable business going forward.
A summary of the progress on individual projects is detailed below:
Forsyth House, Richmond, TW9: Construction of the 26 units was completed in
March 2016. Sales were exchanged and profits recognised on 19 units at the end
of the reporting period. Since then sales on a further 3 units have completed.
Further details can be viewed on the company website at http://
www.stmarkhomes.co.uk/forsyth-house.html.
Railshead Road, St Margarets, TW7: Construction of the 21 residential units and
commercial space are well advanced with completion expected in September 2016.
Contracts have been exchanged on 10 residential units at 30 June 2016. Further
information can be viewed on the company website at http://
www.stmarkhomes.co.uk/st-margarets-waterside.html.
Sutton High Street, Sutton, SM1: Construction on this 40 residential units and
commercial space on this project and is expected to complete in September 2016.
Contracts have been exchanged on all residential units at 30 June 2016. The
commercial space is under offer and legal negotiations are ongoing. Further
sales details are available on the company website at http://
www.stmarkhomes.co.uk/sutton-high-st.html.
Signed on behalf of the board
S Ryan
Director
Unaudited Consolidated statement of comprehensive income for the six months
ended 30 June 2016
2016 2015
GBP GBP
Group turnover 1,423,749 1,225,000
Cost of sales (1,153,400) (1,050,000)
Gross Profit 270,349 175,000
Administrative expenses (181,110) (83,537)
Operating Profit/(Loss) 89,239 91,463
Joint developers share of profit (100,062) (109,375)
Share of operating profit in joint venture 223,387 111,648
Profit before interest and taxation 212,564 93,736
Interest receivable and similar income 103,020 90,879
Interest payable and similar charges (91) (40,267)
Profit/(Loss) on ordinary activities 315,493 144,348
before taxation
Taxation on ordinary activities (63,099) (28,870)
__________ __________
Profit /(Loss) on ordinary activities 252,394 115,478
after taxation
__________ __________
Profit/ (Loss) per share - basic and
diluted
Ordinary shares 8.6p 3.9p
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 2016
Jun-16 Jun-16 Jun-15 Jun-15
GBP GBP GBP GBP
Non Current assets
Tangible assets 1,636 2,494
Current assets
Debtors 4,739,511 6,418,628
Cash at bank and in hand 31,662 238,345
________ ________
4,771,173 6,565,973
Creditors: amounts falling
due within one year (721,448) (3,035,606)
________ ________
Net current assets 4,049,725 3,621,367
________ ________
Net Assets 4,051,361 3,623,861
________ ________
Capital and reserves
Called up share capital 1,478,478 1,478,748
Capital redemption reserve 1,009,560 1,009,560
Other reserve 211,822 211,822
Profit and loss account 1,351,501 923,731
________ ________
Shareholders' funds 4,051,361 3,623,861
________ ________
Company Registration No 03822978
Notes forming part of the unaudited interim report
for the six months ended 30 June 2016
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 2015, which
have been applied consistently. The financial statements for the year ended 31
December 2015 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 20% 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 GBP252,394 by the weighted average number of ordinary shares in
issue of 2,957,495.
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.
ENDS
END
(END) Dow Jones Newswires
August 30, 2016 09:59 ET (13:59 GMT)