GAP Developments plc - Interim Results

Friday, August 31st, 2012

On 30 August, GAP Developments plc published its half-year results covering the six months ended 30 June 2012. During this period the Company registered a €3.9 million loss mainly reflecting the €14.4 million in cost of sales which outweighed the €10.5 million in revenue. This follows the €3.98 million loss registered during 2011, details of which are available here.

During the first six months of 2012, construction works on the apartments was completed with focus now shifting onto completion works to be able to sign the final deeds of sale. In fact, some contracts have already been finalised.

Moreover, in the half-year report, the Directors stated that although the prevailing circumstances affected the overall sales target, sales during the period under review remained largely on course both in quantity and price. However, the Board has yet again failed to disclose the number of apartments sold to date and those subject to a promise of sale agreement.

In conclusion, the Directors stated that since the project is now almost completely finished, they believe that sales momentum will accelerate.

During the first half of 2012, the Company repurchased, and subsequently cancelled, a further €3.3 million of its outstanding 7% bonds maturing in April 2013.  In July 2012, a further €743,756 (nominal) have been bought back thus reducing the outstanding bonds in issue to €28.68 million.

 

Download a copy of the GAP Developments plc 2012 Half-Year Results

 

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