Mar City posts losses but wins housing contract
Solihull development business Mar City has announced pre-tax losses in its interim results.
But the board said the £595,000 pre-tax loss for the six-month period to 30 June 2011 were in line with the board's expectations and "reflects the increased start up costs associated with the company's new strategy".
This strategy has focused on "actively pursuing residential construction opportunities, primarily in the affordable housing sector", it said.
And the company revealed today (30 September 2011) that it had won a construction contract to build 100 houses in the West Midlands on behalf of an unnamed housing association as part of a two-year deal.
The company reported net assets of £903,000 at the balance sheet date for 30 June 2011 - up from 2010's £228,000.
Hamilton Anstead, Mar City chairman, said of the contract win: "This is the first significant new business for your company for some time and we remain confident that further similar opportunities will be forthcoming such that your company will be moving towards a profitable trading position in the months ahead."
