Trafalgar New Homes updates on Kent developments

Trafalgar New Homes says it expects sales from several developments in Kent, due for completion from May 2017 onwards, will contribute to revenues for the full-year ending 31 March, 2018.

These were for developments at Hildenborough, Speldhurst-Tunbridge Wells and Sheerness, respectively for two executive style detached houses, one large detached house and a terrace of six houses.

The company also said first marketing had started for developments at Burnside-Tunbridge Wells, comprising six luxury flats, and Edenbridge, Kent, comprising three two-bed / two-bath terraced houses, towards the end of February. It had received a number of enquiries on the units.

"In line with management's expectations as first marketing began at the end of February, the company has not yet completed the sale of any units at these sites prior to its financial year end of 31 March 2017," said Trafalgar New Homes in a statement.

It added that it therefore did not expect to record revenues for the second half of the financial year, which ended on 31 March 2017.

"However, the Board is confident of realising sales on these developments during 2017. Revenues from the sales of units at these two sites is therefore expected to contribute to the financial year ending 31 March 2018."

At 14:17 GMT, shares in AIM-listed Trafalgar New Homes were down 8.57% to 0.8p each.