Chairman’s Statement

On behalf of the Board, I present Trafalgar Property Group Plc (the Group), results for the year ended 31 March 2021 which includes six property sales and two site options completed in the year. The overall result was disappointing, as can be seen in the attached Accounts and Strategic Report, although an improvement on the previous year’s loss. We are continuing to progress two existing land options that we still hold but Covid-19 related issues are causing delays in the planning process.

Financials

The year under review saw the Group turnover at £2,285,800 (2020: £1,970,106), with a loss after tax of £329,194 (2020: Loss £1,022,898), after taking into account exceptional items as detailed in note 19 to the accounts.

Management have performed a review of the assets and liabilities of the underlying subsidiaries which form the value of the anticipated profits on ongoing developments.

Due to the uncertainties and timing these planning appeals, it has been agreed by management not to include any future anticipated profits of developments in their assessment.

The cash on the balance sheet at the end of the year was £246,193 (2020: £27,969) and the Group continues to have sufficient bank facilities for all planned activities.

In July 2020 we completed a share issue raising £750,000 of cash, before expenses, which provided additional cash reserves for our planned activities.

Business Environment and Outlook

On 24th November, 2020 Gary Thorneycroft was appointed as a Director of the Group which strengthens the Board with his particular expertise within the accountancy profession. This retains a good balance of complementary skills on the Board. We are currently progressing offers of finance alongside our planning applications so that we should be well placed to commence our developments as soon as planning permits.

The effects of the Covid-19 pandemic have affected our business since March 2020 as sales of completed units have been delayed by some months with the planning process being negatively impacted by the effects of the pandemic. Fortunately we had completed the construction phase of these units although there have also been delays to the obtaining of planning permission for other potential new sites. Like most businesses, we are aware of our need to conduct ourselves carefully to preserve the health of our staff and customers.

I would refer you to the Strategic Report that covers our activities in more detail.  

James Dubois
Chairman
6 September 2021