Trafalgar Property Group PLC Trading Update (6457K)
April 12 2018 - 1:00AM
UK Regulatory
TIDMTRAF
RNS Number : 6457K
Trafalgar Property Group PLC
12 April 2018
12 April 2018
TRAFALGAR PROPERTY GROUP PLC
("Trafalgar", the "Company" or "Group")
Year-end trading update
Trafalgar (AIM: TRAF), the AIM quoted residential and assisted
living property developer, provides an update on trading for the
financial year ending 31 March 2018.
During the financial year, Trafalgar, through its subsidiary
Trafalgar New Homes Limited (previously named Combe Bank Homes
Limited), has been engaged in completing the development of the
five sites under ownership in Kent, as follows:
- Burnside, Tunbridge Wells, comprising six apartments.
Construction has completed on this site and the penthouse apartment
was sold prior to the end of the financial period for
GBP580,000.
- Alexander Stables, Hildenborough, comprising two detached
houses. Both of these are on the market and one of the houses has
been sold subject to contract at a price of GBP900,000.
- Land at the rear of 11 High Street, Edenbridge, comprising a
terrace of three starter homes. Construction has been completed at
this site and one of the three houses was sold prior to the
financial year end for GBP325,000.
- Saxons, Speldhurst, near Tunbridge Wells, comprising a
superior executive detached house. Construction has nearly
completed on this site and it is expected to be put on the market
in May.
- Wellesley Road, Sheerness, comprising six townhouses.
Construction of these houses is substantially complete, with
completion of the build on these sites scheduled for July.
The completed sales of the Burnside penthouse and the terraced
house at Edenbridge will contribute to the Group's turnover for the
year ended 31 March 2018, with the sales proceeds of the remaining
properties across the five sites all expected to contribute to
turnover for the year ending 31 March 2019.
The Company expects to announce its audited financial results
for the year ended 31 March 2018 in the third quarter of 2018.
Outlook for the current financial year
The acquisition of Beaufort Homes Limited, which has now been
renamed Trafalgar Retirement + Limited ("Trafalgar Retirement +"),
last month has enhanced Trafalgar's scope and size of operations.
As previously stated, Trafalgar Retirement + has entered into
option agreements to acquire 13 properties, subject to obtaining
the required planning permissions, and these comprise three
development sites: two for extra care and assisted living schemes
and one for residential development. Trafalgar Retirement + is also
in negotiations to enter into option agreements to acquire further
sites. The acquisition marked a significant development in the
Group's strategy as Trafalgar is now better positioned to serve the
increasing demand for assisted living properties.
In line with the Company's strategy and to maintain brand
consistency, the Company's name has changed to Trafalgar Property
Group plc. Following the acquisition, Beaufort Homes Limited was
renamed Trafalgar Retirement + Limited, whilst Combe Bank Homes
Limited has become Trafalgar New Homes Limited and will continue to
develop the residential properties division in the South East of
England.
Funding for the purchase and development of both residential and
extra care and assisted living developments is currently being
negotiated, such as the memorandum of understanding with DIS
Partners Holding Luxembourg S.à r.l. that was announced yesterday.
In addition, Trafalgar is progressing the issue of a bond, which is
proposed to be traded on the NEX Exchange, to raise funds for
development purposes.
Enquiries:
Trafalgar Property Group Plc +44 (0) 1732 700
Christopher Johnson 000
Allenby Capital Ltd - AIM Nominated
Adviser and Broker +44 (0) 20 3328
Jeremy Porter/James Reeve/Liz Kirchner 5656
Yellow Jersey PR Limited +44 (0) 7966 935
Charles Goodwin / Sophia Macleod 994
This information is provided by RNS
The company news service from the London Stock Exchange
END
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