One Heritage Group plc: Interim Results
One Heritage Group PLC (LSE: OHG), the UK-based residential developer focused on the North of England, is pleased to announce its half-year results for the six months ended 31 December 2022.
For the six-month period to 31 December 2022. Comparatives are for the six month period to 31 December 2021 (H1 2022) unless otherwise stated. FY 2023 refers to the Group’s financial period 1 July 2022 to 30 June 2023.
- Revenue of £5.75 million (H1 2022: £0.15million), driven mainly by the contributions from Lincoln House, Bolton, which practically completed and delivered 27 sales completions in the period.
- Gross profit reduced by £0.42 million to a loss of £0.28 million (H1 2022: profit £0.14 million) due to an impairment in the period of £1.10 million.
- Loss before tax of £1.57 million (H1 2022: loss £0.53 million).
- Basic loss per share (pence) of 4.1 (H1 2022: 1.6).
- Net debt of £17.73 million (H2 2022: £14.95 million) an increase of £2.79 million facilitating the completion of developments prior to legal completions.
- Subscription with existing and new investors raised £1.25 million, on 6 July 2022.
- Completion of first major development project, Lincoln House, Bolton with 27 apartments sold at 31 December 2022.
- Planning permission granted for 24 houses at Victoria Road, Eccleshill, West Yorkshire – pre-construction phase of development.
- Planning application submitted and decision pending for Seaton House, Stockport.
- Completed Company strategic review with focus now on our core discipline of residential property development in the North of England, acting as Developer and Development Manager utilising fixed priced build contracts.
- Agreements for sale on all 27 apartments at Oscar House, Manchester.
- Sold 20 of 23 apartments at Bank Street, Sheffield.
Post Period Events
- Practical completion of County House, Oldham, our first project acting as Development Manager.
- On track to deliver strong revenue for the FY 2023, driven by robust pipeline of property sales expected to start coming through in the second quarter of 2023.
- 29 further sales at Lincoln House, Bolton expected in 2023 calendar year and 32 remain available for sale following the strategic decision to remarket the units.
- Further practical completions on track to complete before 30 June 2023:
- Oscar House, Manchester – 27 units.
- Bank Street, Sheffield – 23 units.
- St. Petersgate, Stockport – 18 units.
Commenting on the Group’s performance, Jason Upton, Chief Executive Officer said:
“The Group has made further progress on our strategic objectives during the first half of our financial year. We have adapted our strategy to the current environment by implementing better internal processes and controls to improve efficiencies whilst also focusing our efforts as a residential Developer and Development Manager. Importantly, our development pipeline is now delivering revenue through sales, following the completion of Lincoln House, Bolton, with 27 units legally completed, a further 29 are sold and the remaining 32 unsold units are marketed for sale.
The second half of the financial year is looking strong, with the practical completions of Oscar House, Manchester and Bank Street, Sheffield, imminent. Nearly all units relating to these projects have either been sold or sales have been agreed. St. Petersgate, Stockport, is also expected to complete prior to our financial year end, with all units pre-sold.
The overall outlook for the residential property sector within our core region of the North of England remains positive. There is still a shortage of quality, affordable homes and the focus of our strategy is to address this segment where demand is the highest and where our co-living proposition is growing in popularity. With momentum building, I look forward to updating the market on further progress in due course.”
Chief Executive Officer
Chief Financial Officer
Hybridan LLP (Financial Adviser and Broker)
Claire Louise Noyce
Tel: +44 (0)203 764 2341
Yellow Jersey PR (Financial PR)
Tel: +44 (0)203 004 9512