wow28 Feb 2014 07:45
Was in here before but very nice. 2,4m mcap for this?
The Group has continued its drive to cut overheads in order to ensure a lean cost base going forward.
· Group Revenues have grown by 148% this year from £2.359m to £5.849m on the back of an increasing workload driven by the current strong London property market. We look forward to continued growth over the coming year with various work contracts in place and further commitments anticipated over the coming months.
· The trading results for the year have improved, after allowing for the share of joint venture profits of £1.243m last year, with Group revenue from continuing operations increasing to £5.84 million (2012 £2.4 million). This has resulted in a loss before taxation and exceptional items from continuing operations of £0.24 million (2012 loss: £0.54 million). The Directors believe that that is a better comparison of year on year results as it omits the exceptional one off item (being the share of joint venture profits) for the year ended 31 August 2012.
· An RNS post year end on 5th February 2014 on Aldgate announced that Julius Properties Limited were involved in a legal dispute with Redrow Homes Limited over a title issue relating to the property at No 1 Commercial Street, London E1. This situation casts doubt upon Julius Properties Limited's ability to repay JV Finance Ventures Limited's investment into Aldgate. However, it is anticipated that Formation Group will be in receipt of the majority of these funds by June 2014. The directors are of the belief that this is unlikely to have any consequence on the ability of the Group to continue as a going concern.
· Net proceeds received from profit share in Whitechapel of £413,000 which was used to reduce the working capital loan.
· The primary focus of the Group now remains on consolidation and the property sector.
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