22 September 2021
St Mark Homes Plc
(''SMH'' or “the Company'')
Unaudited Interim Report for the six-month period ended 30 June 2021
Review of operations for the six month period ended 30 June 2021
The Directors are pleased to announce the interim results for six months ended 30 June 2021. 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 £49,419 (2020 loss - £83,758) for the period.
The construction industry has experienced some supply chain delays and cost increases in recent times with pressures on both material and product procurement as well as constraints in terms of labour supply. The knock on effect is a likely delay in recognition of project profits on our Muswell Hill and Uxbridge Road projects into the first half of 2022 (rather than in the current year). Finchley is also expected to deliver profit in 2022 while sales in Sutton are anticipated in late 2022 and early 2023.
The net assets per share stands currently stand at 120p (June 2020 – 125p) at the end of this interim reporting period. A dividend of 3p per share was paid during the period.
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. Demolition works commenced in Spring 2021 and Construction works are now underway with completion of the scheme scheduled for the final quarter of 2022.
The Group is in advanced negotiations with a FTSE 100 retailer for the letting of the ground floor retail space and is hopeful that this will lead to the securing of a long lease for this element of the scheme shortly.
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 obtained an extension to the approved planning uses to include D1 medical uses on the ground floor in July 2020 and 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 Crossrail station at Hanwell. Construction of the project is well advanced and is scheduled to be completed in early 2022.The business has already secured a FTSE 100 tenant for 80% of the retail space. The marketing of the residential element commenced in September 2021.
Construction is well underway and is scheduled to be completed toward the end of 2021. Marketing of the scheme is scheduled to commence in October 2021.
Twyford Avenue, Muswell Hill, N2
The Group has taken a 50% joint venture stake in a new build housing scheme in Muswell Hill, North London. This development will see the construction of seven new houses with off street parking in an affluent and much sought after area of North London.
High Road, Finchley,N12
The Group has taken a 50% joint venture stake in a new build housing scheme in Finchley, North London. This development will see the construction of 5 houses.
Demolition is complete and Construction works have commenced and are expected to be completed in late Spring 2022 and marketing is set to commence in early Spring 2022.
Signed on behalf of the board on 22 September 2021
Unaudited Consolidated Profit and loss account and statement of comprehensive income for the six months ended 30 June 2021
Cost of sales
Share of operating profit in joint venture
( Loss)/Profit before interest and taxation
Interest receivable and similar income
Interest payable and similar charges
Profit/(Loss) on ordinary activities before taxation
Taxation on ordinary activities
Profit /(Loss) on ordinary activities after taxation
Profit/ (Loss) per share – basic and diluted
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 2021
Non Current assets
Cash at bank and in hand
Creditors: amounts falling
due within one year
Net current assets
Creditors: amounts falling
due in more than one year
Capital and reserves
Called up share capital
Capital redemption reserve
Profit and loss account
Notes forming part of the unaudited interim report
for the six months ended 30 June 2021
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 2020, which have been applied consistently. The financial statements for the year ended 31 December 2020 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% (2020- 19%) of the taxable (loss)/profit for the period.
3. Earnings per share
Earnings per share has been calculated by dividing the (loss)/profit after tax for the period of (£40,035) (2020 - £68,272) by the weighted average number of ordinary shares in issue of 4,413,003 (2020 - 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
Alfred Henry Corporate Finance Ltd, AQSE Growth Market Corporate Adviser
Jon Isaacs / Nick Michaels
Tel: +44 (0) 20 3772 0021