Trading update

RNS Number : 4134H

Trafalgar New Homes PLC

17 August 2016

 

Trafalgar New Homes plc (the "Company")

Trading update

Trafalgar New Homes plc (AIM: TRAF), the residential property developer operating in southeast England, announced its audited results for the year ended 31 March 2016 on 10 August 2016, which provided an update on the Company's pipeline of projects.  In particular, it is anticipated that the build work for a new substantial detached house in Speldhurst, Kent will be completed in the spring of 2017 with a sale hopefully being achieved during the summer of 2017.  The Company had been expecting to secure an off-plan sale for the property and exchange contracts prior to the financial year end of 31 March 2017.  Whilst this still might be the case, the Company has changed its accounting policies in line with updated accounting standards so that property sales are only recognised upon completion of the contract, rather than on exchange.  Accordingly, as the sale of the Speldhurst house is expected to complete after the end of the current financial year, revenue and profit before tax for the year to 31 March 2017 will be lower than current market expectations.

Enquiries:

Trafalgar New Homes Plc Christopher Johnson	[phone]
Allenby Capital Ltd - Nominated Adviser and Broker Jeremy Porter/James Reeve	[phone]
Yellow Jersey PR Limited Dominic Barretto	[phone]

 

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