Shares in the Edenbridge based developer Trafalgar New Homes slumped nearly 20-per cent last month as declining revenues dragged on investor sentiment.
Half-year results for the AIM-listed firm, released on December 15, showed the company reporting a £168,000 pre-tax loss in the six months to December, compared to a £35,000 profit made a year earlier.
The decline in pre-tax profits occurred as revenues at the company, which has developments on Sandhurst road in Tunbridge Wells and across the Weald, also plunged, from £2.2 million to £531,000.
Commenting on the results, CEO 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 in Hildenborough and repayment of the loan associated with it.
“The company has continued with its development of the two sites at Ticehurst and Borough Green, both of which are nearing completion and currently expected to contribute to turnover for the current financial year.
“In addition, construction work is under way on the site at Burnside, Tunbridge Wells, with work about
to commence on two other sites at Edenbridge and Sheerness.”
Shares in the company closed down 19 per cent on the day the results were announced, December 15, to close at 0.69p, making it one of the worst performers on the AIM All-Share that day.