Trafalgar New Homes swings to first half loss

For the six months to the end of September, Trafalgar posted a pre-tax loss of £168,000 compared with a profit of £35,281 in the same period last year, as turnover tumbled to £531,000 from £2.2m, reflecting the sale of the final unit at the Oakhurst Park Gardens development in Kent.

Chief executive officer Chris Johnson said: “The loss for the period reflects the six month overhead charge, with turnover reflecting the sale of the final house on the Oakhurst Park Gardens development and repayment of the loan associated with it.

The company said that despite the lack of turnover, it expanded its operation during the period, continuing with the development of the two sites at Ticehurst, East Sussex and Borough Green, Kent, both of which are now nearing completion, and commenced development of six apartments on the Burnside, Tunbridge Wells site.

In addition, Trafalgar acquired a site in Edenbridge, Kent with a planning consent for a three house development scheme in place, which is due to begin early in 2016.

At 0958 GMT, shares in the company were down 23.5% to 0.65p.