As expected but interesting to see that there is no cost of borrowing - let's hope that that is the position at the year end. No sales during the period notwithstanding that some properties have been marketed for some time. I feel we can expect a reduction in the stock and work in progress as the for sale properties are sold for a lower figure than book.
Good that we continue to get Director support but very bad that we need to do this. There is little prospect IMO that we will see a profit for some time to come and I suspect that the Directors are also working for nothing thus distorting the real cost of running the business.
Although we know the position the published results are later than previous announcements.
Could there be a problem with the auditor signing off the accounts with so much debt. The family may choose to make further funding available but why should they? Not a great story I am afraid but they have worked hard for little reward and have had some bad luck on sales. Nearly six months into the new year and the website shows no sales.
I fear debt is the problem here notwithstanding the family support. Do we know if there has been any sales? Building costs continue as does the cost of borrowing with any anticipated profits being drained. Results shortly should indicate the way ahead.
Good news then. Not many building companies can go a full trading year without selling one house. We did however manage to sell a couple of garages. Going forward it may be prudent not to build any more until what we have has been sold. The Nomad must be very happy as all their forecasts have been quite appalling and such notes are used by some investors to make an investment decision. I thing there is still a compelling reason to sell.
As expected and again all problems are now behind us. No more forecasts from TRAF please as it encourages investors to continue holding. It's not jam tomorrow but rather the butter to put it on. Perhaps it should be taken private!
Credibility is a problem when you have the Nomad issuing buy notes - two quite recently both of which have forecasts that will be not be met. In fact I wonder if they will even complete all of the properties they forecast will be sold by the end of March. If a small but larger developer would like a listing then here is an opportunity.
Hardly a lively discussion on this board is it? lol
I pop by once in a while as this investment has been relegated to my potentially lost pot... The company needs something to get it moving.... its dire at the moment.... they seem to be pinning all their hopes on the sale of the Speldhurst house which is now post March 17. I appreciate other builders (Barratt for one) have put land purchases on hold after brexit but I really dont see when the income and growth is going to come from here. If they dont purchase land themselves, assuming they have the finances to do so, or partner up/join forces with another house builder I really can't see the share price is going anywhere.
Hope you have other better investments on the go mate.
With the interims due in the next couple of weeks or so and no sales to report will we get a positive upbeat for the second half? It looks as if there is plenty going on with the build programme and it seems as if new land is being sought.
Anyone any news? Anyone interested? SP continues to slip and perhaps the market sees no sales for the first six months and few if any sales of any completed properties during Jan to March. Any thoughts?
I know this is some time off but I am a little concerned that although we may see some builds completed by the 31 March year end any sales could be a problem. This will mean missing the Allenby forecast - again.
Six months to 30 September will show a loss of about £200k IMO as we will have no turnover. The interest when announced in December will be about an update for the second half when current builds will be completed and hopefully sold.
Thanks for that N&S. Seems to me that real progress is going to be quite slow and that TRAF will either need to entertain an RTO or raise funds to build/scale the business. Building a single digit number of houses each year is not going to satisfy investors.
Work in progress will ensure that earnings will support a sp of at least 2p. Beyond that I can see Staplehurst and additional sites generating further profits. An RTO Is a must for the current year and the CEO has hinted at this in the Annual Report. IMO in a couple of years or less we will be looking at TRAF and wondering why we did not buy in at 2p or less.
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