(Alliance News) - St Mark Homes PLC on Tuesday said it plans to get the business "back on track", as its annual loss widened.
The London-based residential and mixed-use property developer posted revenue of GBP559,200 in 2022, up from GBP259,200 a year earlier.
However, St Mark's pretax loss widened to GBP1.5 million from GBP105,529.
"2022 has been our most difficult year in business. The negative impacts of Covid and Brexit continued and sales and production were further hampered by inflation, contractor failure, and rising interest rates," the company explained.
Looking ahead, St Mark said its immediate focus is on "getting the business back on track." However, it said that it does not anticipate continuing to develop apartments and will seek to increase its exposure to family housing in the next development cycle.
Shares in St Mark closed flat at 87.50 pence each in London on Tuesday.
By Sophie Rose, Alliance News reporter
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