SOLIHULL-based housebuilder and urban regeneration specialist Mar City has posted another pre-tax loss.
In its interim results for the six months ended June 30, 2011, the Shirley plc had a pre-tax loss of £595,000.
This was a sharp year-on-year increase from the pre-tax loss of £14,000 in H1 2010 and full-year loss of £106,000 for 2010.
The plc said it had net assets of £903,000 at the end of June which is a significant year-on-year rise from £228,000 and £797,000 at the end of 2010.
Mar City said it was actively pursuing residential construction opportunities, primarily in the affordable housing sector, and announced today a new contract win in the region.
Chairman Hamilton Anstead said: “We have signed a significant new contract for the construction of more than 100 dwellings in the West Midlands, on behalf of a major housing association, as part of a development expected to be completed within two years.
“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.”
The statement did not elaborate further on where the houses would be built.
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