Trafalgar Property Group PLC - Kent-based residential homes developer - Warns of future business uncertainty despite full-year 2021 narrowed pretax loss of GBP329,194, compared to GBP1.0 million in 2020. Makes revenue of GBP2.3 million compared to GBP2.0 million last year. Declares no final dividend, unchanged from 2020.
"The effects of the Covid-19 pandemic have affected our business since March 2020 as sales of completed units have been delayed by some months with the planning process being negatively impacted by the effects of the pandemic," says Chair James Dubois. "Fortunately we had completed the construction phase of these units although there have also been delays to the obtaining of planning permission for other potential new sites."
Says it has sufficient resources to continue operating for foreseeable future, but adds: "Given that a degree of uncertainty exists in the timing of future sales, and management's ability to refinance all loans due in the next twelve months, there exists a material uncertainty in relation to the going concern basis adopted in the preparation of the financial statements."
Current stock price: 0.82 pence, down 8.6% on Tuesday
Year-to-date change: up 10%
By Josie O'Brien; josieobrien@alliancenews.com
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Trafalgar Prop (TRAF)