Business
Half-yearly Report
Half-yearly Report.
About this update from Trafalgar Property Group Plc
[{"type":"text","content":"\n \n21 December 2009\n\n Trafalgar New Homes PLC \n\n (The \"Company\" or \"Trafalgar\") \n\n Interim Results for the Six Months Ended 30 September 2009 \n\nChairman's statement\n\nI am pleased to announce the interim results for the period which show a small\nloss helped by the fact that, after a long and protracted negotiation, we sold\nthe land and the part completed development of 9 terraced houses in Mitcham\nSurrey, to Wandle Housing Association (\"Wandle\") on 17 June 2009, for the\nfollowing sums:\n\n* Land £1,120,672.00\n\n* Building works to date £845,430.00\n\n* Less retentions £168,077.00\n\n* Amount received £1,798,024.10\n\n* Less loans redeemed to principal banker and others £1,647,282.51\n\nIn addition to the above, a separate agreement has been entered into by\nTrafalgar New Homes plc to complete the development for the sum of £833,570.00,\npayable upon valuation by Wandle's agents, which is currently still under\nconstuction.\n\nThis transaction was forced upon us due to the current economic crisis and\nhousing 'crash', which was compounded by the fact that Trafalgar's Principal\nbanker would not advance anymore money to complete the development without\nguaranteed sales and a possible cash input.\n\nThe scheme will show a loss and there is a shortfall. We are in negotiations\nwith various creditors to persuade the parties to accept shares in lieu of\ncash.\n\nWe continue to look for new business opportunities and further announcements\nwill be made when appropriate.\n\n\nRobert Mckendrick 21 December 2009\nExecutive Chairman\n\n\nThe Directors of the issuer accept responsibility for this announcement.\n\n\nFor further information please contact:\n\nTrafalgar New Homes plc 07836 722840\n\nAndy Moore\n\nSVS Securities plc 020 7638 5600\n\nAlex Mattey\n\nTrafalgar New Homes PLC\n\n\n\nUnaudited Profit and loss account\n\nfor the six months ended 30 September 2009\n\n Six months Six months\n Ended 30 Ended 30\n September September\n 2009 2008\n \n Unaudited Unaudited\n \n £ £\n \nTurnover 2,113,144 -\n \nCost of sales (2,007,771) -\n ---------------------------------- \nGross profit 105,373 -\n \nAdministrative expenses (73,907) (22,055)\n ---------------------------------- \nOperating Profit/(loss) 31,466 (22,055)\n ---------------------------------- \nProfit/ (Loss) on ordinary activities 31,466 (22,055...