Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
St Mark Homes PLC on Tuesday said it plans to get the business ‘back on track’, as its annual loss widened.
The London-based residential and mixed-use property developer posted revenue of £559,200 in 2022, up from £259,200 a year earlier.
However, St Mark’s pretax loss widened to £1.5 million from £105,529.
‘2022 has been our most difficult year in business. The negative impacts of Covid and Brexit continued and sales and production were further hampered by inflation, contractor failure, and rising interest rates,’ the company explained.
Looking ahead, St Mark said its immediate focus is on ‘getting the business back on track.’ However, it said that it does not anticipate continuing to develop apartments and will seek to increase its exposure to family housing in the next development cycle.
Shares in St Mark closed flat at 87.50 pence each in London on Tuesday.
Copyright 2023 Alliance News Ltd. All Rights Reserved.