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(Alliance News) - Trafalgar Property Group PLC said Monday its loss widened on exceptional items, despite revenue that more than doubled on property sales.
For the financial year to the end of this past March, the residential and assisted-living property developer said its pretax loss widened to GBP2.3 million from GBP424,903 the year before, due to an exceptional cost of GBP1.6 million.
This cost followed a review by Trafalgar of the assets of its trading subsidiaries, which concluded that the land options in Trafalgar Retirement+ should be written down to zero.
Revenue however, more than doubled to GBP2.1 million from GBP906,484 the prior year, due to the sale of five residential properties in the period.
Overall, Trafalgar said the year was not without difficulty, as its residential division suffered delays in the building programme for various properties still being constructed, due to contractors falling behind contracted timetables. The delays led to higher interest costs on borrowing and therefore affected the profitability of the completed units that were for sale.
Looking ahead, Trafalgar will retain its remaining completed units. These will be refinanced and let out on assured shorthold tenancy agreements. The group currently has four "let out" properties, valued at GBP2.0 million.
Shares in Trafalgar Property were untraded on Monday, last quoted at 0.17 pence in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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