Trafalgar New Homes has warned on revenue and pretax profit for FY 2017 as the sale of the Speldhurst house, Kent, will complete after the end of the current financial year.
The company said it anticipates the build work for a new substantial detached house in Speldhurst, Kent, will be completed in the spring of 2017 with a sale hopefully being achieved during the summer of 2017.
The Company had been expecting to secure an off-plan sale for the property and exchange contracts prior to the financial year end of 31 March 2017.
Whilst this still might be the case, the Company has changed its accounting policies in line with updated accounting standards so that property sales are only recognised upon completion of the contract, rather than on exchange.
"Accordingly, as the sale of the Speldhurst house is expected to complete after the end of the current financial year, revenue and profit before tax for the year to 31 March 2017 will be lower than current market expectations," the company said.
At 9:20am: (LON:TRAF) Trafalgar New Homes Plc share price was -0.2p at 0.88p