Trafalgar Property Group PLC on Wednesday reported that its interim loss widened as revenue fell sharply and costs increased.

The Kent-based residential homes developer said pretax loss in the six months to September 30 widened to £444,000 from £338,000.

While cost of sales fell to zero from £383,000, revenue decreased to £18,000 from £390,000 as administrative expenses increased 48% to £380,000 from £257,000.

‘Reflecting on the issues of the previous two years in the economy and the challenges businesses and consumers have faced, the directors have considered relevant information including the current cost-of-living crisis, higher interest rates and even higher inflation, which are driving a challenging market and have performed a robust analysis of future cash flows,’ Chief Executive Paul Treadaway said.

The company noted that its two investments within Selmat Ltd are under offer for £325,000 at Burnside and £1.1 million at Orchard House.

Regarding its development site at Barden Road, Speldhurst in Kent, Trafalgar Property is awaiting regulatory approval before appointing a contractor. It expects building at the site to start in January.

Trafalgar Property shares were 4.9% lower at 0.16 pence each in London on Wednesday morning.

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