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(Alliance News) - Trafalgar Property Group PLC late Thursday said its loss widened in the first half of its financial year due to administrative expenses relating to its Beaufort Homes Ltd acquisition.
For the half year ended September 30, the property developer's pretax loss widened to GBP528,000 from a GBP244,000 loss last year, on a revenue which rose to GBP2.3 million from GBP1.8 million the prior year.
The company said during the period there was an increase in general administration expenses related to the additional costs from the acquisition of Beaufort Homes, which took place during the 2018 financial year. Further, the company pointed to the writing off of costs incurred on sites inherited where "options failed to materialise".
Trafalgar said: "During the period due to the lack of activity in the market generally it was decided to rent out the remaining unsold properties, Orchard House, Hildenborough and Burnside Court, Tunbridge Wells. These properties were transferred to Selmat Limited, the wholly owned subsidiary, properties refinanced and the bank loans repaid. All of the properties have been let out on Assured Shorthold Tenancy Agreements.
"There was retained within the development portfolio of Trafalgar New Homes Limited, the executive detached house at Saxons, Speldhurst, Tunbridge Wells and the six houses under construction at Wellesley Road, Sheerness, Kent. Saxons has recently been sold for GBP1.58 million and the six properties at Sheerness are complete and are now currently on the market."
The company added that further development land opportunities are currently being explored and sites with planning permission and sites subject to planning are "under consideration".
The stock closed up 2.2% at 0.14 pence in London on Thursday.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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