(Alliance News) - Trafalgar Property Group PLC on Friday reported "disappointing" interim results, turning to a loss, due to the pandemic.
Revenue for the half-year that ended September 30 dropped to GBP390,000 from GBP1.3 million, resulting in a swing to a pretax loss of GBP338,000 from a profit of GBP17,000 a year earlier.
Trafalgar said the pandemic has dented the business since its onset last year as sales of completed property units have been delayed.
During the period, the company said it sold one investment property following a tenant vacating, with one other leasehold investment property currently under offer following the tenant vacating in early December.
"The results for the year for the six months to 30 September 2021 are disappointing. However, we have been facing a period of great difficulty in the property sector with long planning delays due to the Covid-19 pandemic and this has delayed the start of our next construction projects. Overheads have been reduced significantly whilst we await the results of our planning submissions," commented Non-Executive Chair James Dubois.
Shares in Trafalgar were down 6.2% at 0.68 pence in London on Friday.
By Lucy Heming; lucyheming@alliancenews.com
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Trafalgar Prop (TRAF)