Trafalgar New Homes warns on FY pre-tax profit, revenue

Shares in Trafalgar New Homes are down more than 5% as the residential property developer warns its full-year pre-tax profit and revenue will be materially below market views.

This was because developments Edenbridge and Burnside had just been completed before year's end, meaning completed sales during the period from these were unlikely.

Moreover, the build at Hildenborough was behind schedule, and a sale of those properties was not expected to complete by 31 March 2017, as previously anticipated.

It said the timing of sales from this trinity of developments would impact Trafalgar's full-year results.

"Revenue and profit before tax for the year (are) expected to be materially lower than current market expectations."

Sales of any remaining units at these three sites after 31 March 2017 were expected to contribute to Trafalgar's results for the year ending 31 March 2018.

At 10:37 GMT, shares in AIM-listed Trafalgar were down 5.71% to 0.82p each.