Business
Trading Update, Move to AIM & Change of Adviser
Trading Update, Move to AIM & Change of Adviser.
About this update from Trafalgar Property Group Plc
[{"type":"text","content":"\n \nRNS Number : 4319F Trafalgar New Homes PLC 23 May 2013 \n \n\nTrafalgar New Homes PLC\n(\"Trafalgar New Homes\", the \"Company\" or \"Group\")\n \nTrading update, proposed admission to AIM and fundraising\nand appointment of ISDX corporate adviser and broker\n \nThe directors of Trafalgar New Homes (ISDX:TRAF), the residential property developer operating in southeast England, are pleased to provide a trading update for the financial year ended 31 March 2013 and announce their intention to apply for admission of the ordinary shares of the Company to trading on the AIM market of the London Stock Exchange plc (\"AIM\"), together with a fundraising of up to £1 million. \n \nTrading update \n \nThe last year has seen the Group make good progress in its chosen geographical area of operation, primarily Kent, East Sussex, Surrey and the outer London M25 ring. Activity in the residential property market has started to increase and the last financial year has seen an increase in revenues for the Group. \n \nFor the 12 months ended 31 March 2013, the Group sold a combined 12 units in Dover (The Engineer), Edenbridge (High Street) and Hildenbrough (Lodge at Oakhurst Park Gardens). In addition, the Group has conditionally agreed to sell its subsidiary company, Combe Homes (Investments) Limited, which holds six rental flats in Maidstone (The Square). These contributions to Group revenue for the year to 31 March 2013 mean that, in the absence of unforeseen circumstances, the directors of the Company (\"Directors\") estimate that the consolidated profit before taxation of the Group for the year ended 31 March 2013 was not less than £575,000 (\"Profit Estimate\") (see note 1 below). The Directors expect the audited results for the year to 31 March 2013 to be announced in August.\n \nSince the financial year end, at Edenbridge (High Street) a further two units have been sold with two more under offer, leaving only the cottage to be sold where marketing has just commenced. At the Oakhurst Park Gardens development of 12 homes, marketing is due to start next month as the development nears completion. These contributions to revenue in this current financial year mean that, subject to no unforeseen circumstances and sufficient distributable reserves being available, the Comp...