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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ashley House Plc | LSE:ASH | London | Ordinary Share | GB00B1KKCZ55 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.20 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMASH
RNS Number : 9450M
Ashley House PLC
26 January 2016
Ashley House plc
Interim Report 2015
Ashley House plc ("Ashley House" or the "Company"), the Extra Care Housing and Health Property partner today announces its interim results for the six months ended 31 October 2015.
Highlights
-- Company returns to profit for the six months to 31 October 2015.
-- Funding & Partnering Agreement signed with Funding Affordable Homes (FAH) with first two schemes on site and funded.
-- Delivery underway of Extra Care pipeline which currently stands at GBP158m.
-- Challenges remain around new Government policy on capping Housing Benefit. Extra Care accommodation is much needed and expected to be exempted. Government announcements are expected in the coming weeks.
-- Four schemes currently on site (2014: four).
-- Total forward pipeline, on-site or appointed of scheme value yet to be recognised of GBP186.7m on 32 schemes (January 2015: 31 schemes GBP175.2m).
Six months ended 31 October 2015
-- Revenue significantly increased to GBP10.6m (2014: GBP5.6m). -- EBITDA of GBP0.6m (2014: loss of GBP1.2m). -- Profit before taxation GBP0.2m (2014: loss of GBP1.9m). -- Net debt GBP2.6m (2014: GBP2.2m). -- GBP10.7m of tax losses to be carried forward (2014: GBP8.2m).
"Risks remain but the Extra Care model is strong and the lack of suitable housing in the UK together with the ageing population means this is a sustainable, growing market. The Board remains confident that the Company will be profitable for the full year subject to the timing risk on the next Extra Care developments which is affected by the awaited confirmation of Government policy."
Christopher Lyons, Chairman
Enquiries:
Ashley House plc 01628 600 340
Antony Walters
Jonathan Holmes
WH Ireland
(Nominated Adviser and broker to Ashley House plc)
Adrian Hadden
Mark Leonard 0207 220 1666
Chairman's Statement
I am pleased to report that Ashley House made a profit in the period to 31 October 2015 as our investment in the new business model starts to generate a return. Ashley House is celebrating twenty five years this year and the period since the end of April 2015 has been as significant as any stage in our history.
In June we opened our first Extra Care development in Grimsby firmly marking the Company's move into this market where we are making immediate improvements to people's lives. This was followed at the end of September by the signing of an agreement with our new Extra Care funding partner, Funding Affordable Homes (FAH). Just before Christmas we announced that we had reached financial close and had drawn down the first part of the funding for our next two Extra Care schemes in Harwich and Walton on the Naze. There are challenges ahead but it has been an important and potentially transformational trading period and we are now looking to push on with the delivery of our pipeline schemes and return the business to sustainable profit and growth.
Our Extra Care schemes are designed to help the elderly and often the most vulnerable in our society. These tenants generally rely on Housing Benefit to fund all of their rental costs. The rent in these developments is invariably higher than in normal social housing as the units are purpose built and carefully designed to allow for the independence of the resident to be coupled with the ability to access both brought in care and communal facilities and activities.
In his Autumn Statement the Chancellor announced that Housing Benefit for social housing tenants would be limited to the Local Housing Allowance rate from April 2018 for new or renewed tenancies taken out from 1 April 2016. Whilst the Department for Work and Pensions has signalled its commitment to supporting vulnerable people, it is still working on how the policy will be implemented and whether Extra Care and similar schemes should remain exempted from such measures.
For our developments in Harwich and Walton on the Naze we were able to work in partnership with both FAH and the leaseholding Registered Provider to complete the deals. Further detail is expected from Government in March 2016 and we will continue to update shareholders appropriately.
Ashley House's Health business continues albeit at a steady pace. We will shortly complete a GP centre in Danbury, Essex and are ready to commence on site with a further two schemes. Our partnership with Integrated Pathology Partnerships is performing well where we have recently completed a pathology laboratory in Basildon and are about to commence on a laboratory refurbishment in Southend whilst jointly pursuing further opportunities.
In December we announced that we had novated the non-core operations management element of our LIFT investment, which is a specialised service very different to the rest of our business. This has allowed our LIFT activities to be focussed on development activity, our key corporate strength. We remain committed to our LIFT joint ventures and are working with our partners to explore opportunities to provide further services within this framework.
Results
The Company made a profit of GBP0.6m at EBITDA level in the first half of 2015/16 (2014/15: loss GBP1.2m) on a significantly increased revenue of GBP10.6m (2014/15: GBP5.6m). This led to a profit before taxation of GBP0.2m (2014/15: loss of GBP1.9m) following interest and a small non-cash impairment of the LIFTCo intangible of GBP0.2m. The Board remains confident that the Company will be profitable for the full year subject to the timing risk on the next Extra Care developments as mentioned above.
Scheme funding
The signing of the Funding and Partnering Agreement with FAH was a key step in the rebuilding of the business. We now have a partner who is keen to acquire and forward fund our large Extra Care developments. FAH is a social impact investment company which enables long-term socially responsible private investment into the affordable housing sector. Last week FAH publicly announced the establishment of its fund and the cornerstone investment of GBP15m from Big Society Capital, a socially-driven financial institution that works to encourage investment which achieves both social and financial returns by investing in organisations that deliver social projects.
FAH is aiming to invest over GBP100m in 2016 and GBP500m during its first three years of operation becoming a significant participant in the sector and introducing new long-term sources of funding.
We are delighted to have found a partner with such a good fit with our objectives. FAH was introduced to us by the Social Stock Exchange (SSX) of which we are proud to be a founder member. Now that the SSX has a segment of its own on the ISDX markets we are applying for dual listing which would both raise our profile and provide a further platform should we wish to raise capital such as bonds to fund projects in the future.
Net debt
The table below shows net debt of GBP2.6m at 31 October 2015 (2014: GBP2.2m). The Company's overdraft facility with Lloyds Bank of GBP0.5m has been renewed until 31 December 2016. The debt at the end of October was all secured on amounts incurred on scheme related expenditure. This is largely land purchased for future schemes which stood at GBP2.8m (2014: GBP3.8m) as shown in work in progress at the end of October. The management of our cash resources continues to be an important aspect of the business.
Unaudited Unaudited Audited 31 October 31 October 30 April 2015 2014 2015 GBP000 GBP000 GBP000 Cash in bank 514 718 856 Loan on Scarborough land (797) (967) (883) Loan (2,300) (2,000) (2,000) (2,583) (2,249) (2,027) ------------ ------------ -----------
Pipeline
Ashley House's pipeline as at January 2016 is shown in the table below. "Scheme value to come" has increased from the last pipeline information published in October 2015 despite the recognition of GBP9.7m of revenue from the pipeline in the period. The availability of funding from FAH should enable the Extra Care pipeline to grow further and this will be an area of focus in the coming months as our business relationship develops.
Extra Care Health TOTAL ------------- -------------------------- ------------------------- -------------------------- No. Scheme No. Scheme No. Scheme of Schemes value of Schemes value of Schemes value to come to come to come ------------- ------------ ------------ ------------ ----------- ------------ ------------ On Site 2 GBP8.8m 2 GBP1.5m 4 GBP10.3m ------------- ------------ ------------ ------------ ----------- ------------ ------------ Appointed 17 GBP149.2m 11 GBP27.2m 28 GBP176.4m ------------- ------------ ------------ ------------ ----------- ------------ ------------ TOTAL 19 GBP158.0m 13 GBP28.7m 32 GBP186.7m ------------- ------------ ------------ ------------ ----------- ------------ ------------
Outlook
(MORE TO FOLLOW) Dow Jones Newswires
January 26, 2016 02:00 ET (07:00 GMT)
The focus in the last few months has very much been on securing funding for our Extra Care pipeline and beginning to deliver that pipeline with both objectives being achieved. Risks remain but it is the Board's belief that once the Housing Benefit issue is resolved as expected, the Extra Care model is strong and the lack of suitable housing in the UK together with the ageing population means this is a sustainable, growing market. The business also continues to ensure that adequate finance is in place to invest in the pipeline and deliver sustainable growth and we now have confidence that this will be the case.
The Board is pleased that the business returned to profit in the six months to 31 October 2015 and looks forward to the future with growing confidence.
Christopher Lyons
25 January 2016
Condensed consolidated interim statement of comprehensive income
Unaudited Unaudited Audited 6 months 6 months Year to to to 31 October 31 October 30 April 2015 2014 2015 Note GBP000 GBP000 GBP000 Revenue 10,626 5,590 8,384 Cost of sales (8,343) (5,190) (8,600) ------------------------------------------- ---- ---------- ---------- -------- Gross profit / (loss) 2,283 400 (216) Administrative expenses (1,584) (1,653) (3,357) Share of results of joint ventures & associates (42) 84 199 Depreciation & impairment of non-financial assets (185) (553) (7,645) Operating profit / (loss) 472 (1,722) (11,019) Interest receivable - - 1 Interest payable (234) (147) (868) Profit / (loss) before taxation 238 (1,869) (11,886) Profit / (loss) before taxation 238 (1,869) (11,886) Depreciation & impairment of non-financial assets 185 553 7,645 Taxation included in share of results of joint ventures & associates (14) (1) - Interest receivable - - (1) Interest payable 234 147 868 EBITDA 643 (1,170) (3,374) ------------------------------------------- ---- ---------- ---------- -------- Tax credit / (charge) - 255 (16) ------------------------------------------- ---- ---------- ---------- -------- Total comprehensive income / (expense) for the period 238 (1,614) (11,902) ------------------------------------------- ---- ---------- ---------- -------- Basic and diluted earnings / (loss) per share 3 0.41p (2.77)p (20.41)p ------------------------------------------- ---- ---------- ---------- -------- Basic and diluted earnings / (loss) per share on adjusted EBITDA* 3 1.10p (1.57)p (5.81)p ------------------------------------------- ---- ---------- ---------- --------
* Adjusted EBITDA = EBITDA plus adjustment for exceptional items and tax credit
Condensed consolidated interim balance sheet
Unaudited Unaudited Audited 31 October 31 October 30 April 2015 2014 2015 GBP000 GBP000 GBP000 ------------------------------- ---------- ---------- -------- ASSETS Non-current assets Investments in joint ventures and associates 2,087 9,369 2,300 Property, plant and equipment 155 158 122 Deferred tax asset 1,400 1,665 1,400 Other receivables 827 - 807 -------------------------------- ---------- ---------- -------- 4,469 11,192 4,629 ------------------------------- ---------- ---------- -------- Current assets Work in progress 2,807 3,796 4,296 Trade and other receivables 5,129 6,401 3,055 Cash and cash equivalents 514 718 856 -------------------------------- ---------- ---------- -------- 8,450 10,915 8,207 ------------------------------- ---------- ---------- -------- Total assets 12,919 22,107 12,836 -------------------------------- ---------- ---------- -------- LIABILITIES Current liabilities Trade and other payables (5,887) (5,300) (6,255) Bank borrowings and overdrafts (1,537) (167) (883) Provisions (31) - (31) (7,455) (5,467) (7,169) ------------------------------- ---------- ---------- -------- Non-current liabilities Amounts falling due after more than one year (1,560) (2,800) (2,000) Long term provisions (109) - (117) -------------------------------- ---------- ---------- -------- (1,669) (2,800) (2,117) Total liabilities (9,124) (8,267) (9,286) -------------------------------- ---------- ---------- -------- Net assets 3,795 13,840 3,550 -------------------------------- ---------- ---------- -------- EQUITY Share capital 583 583 583 Special reserve 3,491 10,541 3,491 Share based payments reserve 29 24 22 Retained earnings (308) 2,692 (546) -------------------------------- ---------- ---------- -------- Total equity 3,795 13,840 3,550 -------------------------------- ---------- ---------- --------
Condensed consolidated interim statement of changes in equity
Share Special Share-based Retained Total capital reserve payment reserve earnings equity GBP000 GBP000 GBP000 GBP000 GBP000 ---------------------------- ------- ------- --------------- -------- -------- Balance at 1 May 2015 583 3,491 22 (546) 3,550 Profit for the period - - - 238 238 Share based payments charge - - 7 - 7 Balance at 31 October 2015 583 3,491 29 (308) 3,795 ----------------------------- ------- ------- --------------- -------- -------- Balance at 1 May 2014 583 12,110 13 2,737 15,443 Loss for the period - (1,569) - (45) (1,614) Share based payments charge - - 11 - 11 Balance at 31 October 2014 583 10,541 24 2,692 13,840 ----------------------------- ------- ------- --------------- -------- -------- Balance at 1 May 2014 583 12,110 13 2,737 15,443 Loss for the year - (8,619) - (3,283) (11,902) Share based payments charge - - 9 - 9 At 30 April 2015 583 3,491 22 (546) 3,550 ----------------------------- ------- ------- --------------- -------- --------
Condensed consolidated interim cash flow statement
Unaudited Unaudited Audited 6 months 6 months Year to to to 31 October 31 October 30 April 2015 2014 2015 GBP000 GBP000 GBP000 --------------------------------------- ---------- ---------- -------- Operating activities Profit /(loss) before taxation 238 (1,869) (11,886) Adjustments for: Share based payments charge 7 11 9 Depreciation, amortisation and impairment of non-financial assets 185 553 7,645 Share of results of joint ventures and associates 42 (84) (199) Dividends received from joint ventures and associates 34 200 334 Purchase of shares in associate issued under rights issue (17) - - Interest received - - (1) Interest paid 234 147 868 Operating cash flows before movements in working capital 723 (1,042) (3,230) Decrease / (increase) in work in
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January 26, 2016 02:00 ET (07:00 GMT)
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