St Mark Homes announces its interim financial results
St Mark Homes (NEX: SMAP), the housebuilder who raised £3.4m via Crowdstacker, has announced its interim results for the period ended 30 June 2019.
Review of operations for the six month period ended 30 June 2019
The Directors are pleased to announce the interim results for six months ended 30 June 2019. The company continues to trade profitably as a residential and mixed use property developer. The trading environment remains challenging and the Directors are pleased to report a pre-tax profit of GBP 84,407 (2018 - GBP 18,272) for the period.
The Company paid an interim Ordinary share dividend of 5.5p per share in June 2019. The Company also paid an interim dividend of 5.5p July 2018. The net assets per share stands currently stand at 126p (June 2018 - 134p) at the end of this interim reporting period having accounted for the payment of both the July 2018 and June 2019 interim dividend payments.
A summary of the progress on our current projects is set out below:
Sutton High Street, Sutton
The Company has invested in a regeneration property development venture at Sutton High Street. Phase I of the development project (consisting of 41 residential units over ground floor retail space ) was completed in October 2016. All residential units have been sold on this first phase. The Company retains an interest in the remaining ground floor commercial space of phase I, as well as phase II of the project (currently a disused and derelict public house site ) where we hope to secure planning permission for redevelopment in association with our development partner. Planning on phase II has been challenging but following the clarification as to what will be acceptable to the Planning Inspectorate in July 2019 we plan to submit an acceptable (and compliant ) planning application for a new build development of 30 residential units over ground floor commercial / retail space on phase II in Autumn 2019.
Gwynne Road, London, SW11
St Mark has a 40% joint venture interest in the redevelopment of the site at 55- 66 Gwynne Road, Battersea. Construction of this mixed use scheme (33 residential flats over ground and first floor commercial/retail space) is completed and all residential units are now sold. The commercial sector is under offer with solicitors now instructed.
London Road, Hounslow, TW3
St Mark has taken a joint venture interest of up to 40% in this development of 34 all private flats located in Hounslow, West London. At the 30 June 2019 4 flats remain unsold and 2 of which have been sold since the period end in July 2019 leaving just 2 flats remaining for sale.
Heron House, Wembley, HA9
St Mark has a joint venture interest of 40% in this development of 40 flats (over new ground floor commercial offices) in Wembley, Middlesex. Construction is set to commence later in 2019 and is scheduled to be complete in the latter part of 2021.
Uxbridge Road, Hanwell, W5
St Mark has taken a joint venture interest of 50% in this development of 36 apartments (over new ground floor retail space) and seven houses in Hanwell, London. Construction is set to commence in the latter part of 2019 and is scheduled to be completed in the early part of 2021.
Read the full announcement here.