Final Results for the year ended 30 April 2020
Dukemount Capital Plc (LSE: DKE), the property management and long dated income specialist reports its Final Results for the year ended 30 April 2020. All financial amounts are stated in GBP British pounds unless otherwise indicated.
I hereby present the annual financial statements for the year ended 30 April 2020. During the year the Group reported a loss of £331,649 (2019 – loss of £246,196). These losses arose in the course of the Group: pursuing transactions in its chosen sector; costs associated with its first two projects; maintaining the Company’s listing on the Official List of the UK Listing Authority by way of a standard listing and include: consultancy fees, professional fees and directors’ fees. As at the Statement of Financial Position date the Group had £408,411 (2019: £24,923) of cash balances.
Since our last full year results, the board has been pushing its existing projects towards completion, as well as entering into talks with regards to securing further long dated income opportunities.
Since the year end this strategy has been helped by the appointment of Matthew Thompson as CEO as well as other non-board appointments. Matthew’s experience compliments that of the board and brings fresh ideas to the business model. He has already proven a valuable appointment, concentrating on getting our existing projects to completion this year, freeing up time for continuing talks with universities and investigations into new sources of long-dated income. The ongoing talks with universities have been as productive as a UK General Election, Brexit and COVID-19 would allow. We have been very mindful of the considerable work that University boards have been putting in over the COVID-19 pandemic and have been pleased, given the unprecedented circumstances, that the lines of communication have been left open. At this stage, our talks with universities have centered around adding classroom space, especially with those who specialise in the medical sector. The need for additional teaching space has come into the limelight recently after the UK government withdrew a cap on the number of medical student places this year.
At the beginning of September 2020 we announced the practical completion of the Wavertree redevelopment project. The building and certificate have been handed over to the supported living housing association which has entered into a long-term lease agreement for the property.
Our West Derby project, a full development site, which involved the demolition of a large structure and the building of 17 supported living apartments and 3,200 square feet of retail space, is expected to be at the practical completion stage early in the fourth quarter of this year as recently updated photos on our website www.dukemountcapitalplc.com will attest to.
The global lockdown has given us the opportunity to look at other sources of long-dated income for institutions and the opportunities that the coming years may present. The property sector remains our core sector at present but other, industrial focused sectors, are being examined for their potential. The additional headcount at Dukemount frees up time for more in-depth research and discussions into other exciting opportunities outside property and I look forward to updating shareholders as the year progresses.
I would like to thank all those who have assisted and supported the Group during the year.
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