Formation Group Plc (FRM : NEX) headquartered in East London, is an NEX listed Company focused on property activities which includes property development, property investment and professional construction management services for small and medium scale building projects in London and the City periphery.
Record revenues and strong outlook
- Group revenue growth of 24% to £29,410m (2015: £23.764m) on the back of an increasing workload driven by the current strong London property market;
- Profits before taxation of £2.157m from continuing operations (2015 profit: £2.203m);
- Income of £1.424m recognised from the profit share agreement with Sunbel Development Limited and Pinacle Developments Limited in relation to a development property at Norwich House (2015 £2.421m);
- The Group is pleased to report continued sales of its apartments in its completed development at 159-161 Iverson Road, London NW6 in the year ended 31 August 2016.
Can easily expand property activity to other areas in the UK & significant opportunities identified:
- Exposed to the buoyant London residential property sector where the Company is focused on the mid to lower end of the market and first time buyers.
Strengthened management team with significant plc and property expertise, and demonstrable experience in delivering returns for shareholders
|Fitel Nominees Limited||Kennedy Private Trust Company Limited as trustees of The Kennedy Family Discretionary Settlement||11,453,720||25.97%|
|Fitel Nominees Limited||Streetwise Limited||15,259,470||34.60%|
|W O’Dea||W O’Dea||400,000||0.91%|
|Funds Direct Nominees||R N O’Carroll||281,065||0.64%|
|D Walsh||D Walsh||41,600||0.09%|
|K.B. Moran||K.B. Moran||2,151,385||4.88%|
|Lynchwood Nominees Limited||P. Stretford||1,401,200||3.18%|
Willie O’Dea, Non-Executive Chairman
David Kennedy, Chief Executive Officer
Patrick Kennedy, Non-Executive Director
David Walsh, Non-Executive Director
Bartholomew O’Keeffe, Non Executive Director
Noel O’Carroll, Director of Property Management Services