- Trafalgar, the residential property developer operating in southeast England, has reported a gross profit of £302,596, according to its interim results for the six months ended 30 September 2020.

It comes after the company made a £102,000 gross loss in H1 2019. Revenue for the H1 2020 period was £ 1.3 million and cost of sales was circa £ 1 million, while its pre-tax profit was £16,699 after overheads. Cash in bank at the period end was £405,813, and as of December 9 it was £541,667.

During the first half, the group sold one unit at the Sheerness site and two land options which culminated in sales of £ 1,275,000. During October 2020 two further units at Sheerness have completed with two of the remaining three units under offer. It is also awaiting the results of planning applications for two sites in Surrey although the planning process has been negatively impacted by the effects of the pandemic.

James Dubois, non-executive chairman of Trafalgar, said: "Set against a period of unprecedented volatility and uncertainty in the property sector resulting from the global Covid-19 pandemic, this is a truly commendable performance. With a much stronger balance sheet following our June 2020 fund raise and debt conversion, the company is now able to look forward to the immediate future with a degree of optimism and confidence not felt for a number of years."

At 9:52am: [LON:TRAF] Trafalgar New Homes Plc share price was 0p at 0.13p

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