26th Jan 2016 09:01
LONDON (Alliance News) - Ashley House PLC on Tuesday said it has applied for its shares to be listed on the Social Stock Exchange segment of the ICAP Securities & Derivatives Exchange in addition to its listing on the London Stock Exchange's AIM junior market.
"Ashley House is a founder member of the Social Stock Exchange and is delighted to take this step to dual list now that SSX has a formal segment on a market. This will operate alongside our existing listing on AIM. Through the new listing we look forward to our business being more visible to investors seeking shares in companies with strong social values," Chief Executive Antony Walters said. Admission is expected to take place on or around February 10.
According to ISDX, the Social Stock Exchange is "dedicated to businesses and investors seeking to achieve a positive social and environmental impact through their activities".
Ashley House, which provides design and construction management services to health and social care development projects, also Tuesday reported a pretax profit of GBP238,000 in the six months ended October 31, versus a GBP1.9 million pretax loss in the first half of the prior year, as revenue rose 90% to GBP10.6 million and administrative expenses fell 4.0% to GBP1.6 million.
The results come a day after Ashley House said Invesco Perpetual no longer owns a significant shareholding in the company, having previously held a 4.88% stake.
"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," Chairman Christopher Lyons said.
Net debt was GBP2.6 million at the end of October, versus GBP2.2 million one year earlier. The company's overdraft facility with Lloyds Bank of roughly GBP500,000 has been renewed until December 31, 2016. Over the course of the six months to October 31, 2015, cash fell to GBP514,000 from GBP856,000.
Shares in Ashley House were down 2.0% at at 9.56 pence on AIM Tuesday morning.
By Samuel Agini; [email protected]; @samuelagini
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