Ashley House plc Interim Report 2017

Ashley House plc (“Ashley House” or the “Company”), the health and community care property partner today announces its interim results for the six months ended 31 October 2017.

Highlights

Financial highlights

·     Revenue reduced to £7.0m (2015/6: £10.7m)

·     Statutory loss before taxation £1.9m (2015/6: profit £0.8m)

·     Adjusted loss before taxation £1.8m (2015/6: profit £0.2m)

·     Net debt £3.5m (2016: £2.4m) but decreased since the period end

Operating highlights

·     Joint venture established with Morgan Sindall Investments to grow and deliver the Housing pipeline

·     Government makes housing the centre piece of the last budget and relaxed its plans to cap housing benefit to Local Housing Allowance rates

·     The above two factors will enable the Company to remain profitable in the full year

·     Two schemes currently on site (2016: three) being the diagnostic and treatment centre in Durham and the GP surgery and family centre in Swansea

·     Completion of the Wivenhoe health scheme in the period

“As previously signalled, the Company showed a loss for the period to 31 October 2017. In the last couple of months the removal of the threat of the LHA cap along with the establishment of the joint venture with Morgan Sindall were key events for the future of the Company enabling it to press forward in the growth and delivery of its significant housing pipeline as well as the other activity in the business.”

Christopher Lyons, Chairman

 

Read the full notice here