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(Alliance News) - Trafalgar Property Group PLC on Wednesday reported that its interim loss widened as revenue fell sharply and costs increased.
The Kent-based residential homes developer said pretax loss in the six months to September 30 widened to GBP444,000 from GBP338,000.
While cost of sales fell to zero from GBP383,000, revenue decreased to GBP18,000 from GBP390,000 as administrative expenses increased 48% to GBP380,000 from GBP257,000.
"Reflecting on the issues of the previous two years in the economy and the challenges businesses and consumers have faced, the directors have considered relevant information including the current cost-of-living crisis, higher interest rates and even higher inflation, which are driving a challenging market and have performed a robust analysis of future cash flows," Chief Executive Paul Treadaway said.
The company noted that its two investments within Selmat Ltd are under offer for GBP325,000 at Burnside and GBP1.1 million at Orchard House.
Regarding its development site at Barden Road, Speldhurst in Kent, Trafalgar Property is awaiting regulatory approval before appointing a contractor. It expects building at the site to start in January.
Trafalgar Property shares were 4.9% lower at 0.16 pence each in London on Wednesday morning.
By Tom Budszus, Alliance News reporter
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