30th Sep 2015 08:15
LONDON (Alliance News) - Health and social care property company Ashley House PLC on Wednesday said it has signed a funding deal with Funding Affordable Homes but said its full-year results announcement has been delayed and that it will deliver another loss.
Ashley House said it has signed a funding pact with FAH and its property adviser, SHA Housing Ltd, on the delivery of extra care housing for elderly people. The first two schemes under the agreement, in Harwich and Walton, will be funded by FAH and are to get underway imminently, with a third project to start in the next three months.
But the company said its results for the year to the end of April have been delayed by a couple of days and will show a large earnings before interest, taxation, depreciation and amortisation loss.
"We are delighted to have a new strategic partner in FAH and to have secured long-term funding, which will enable us to accelerate our Extra Care pipeline to provide much needed accommodation for some of the elderly and vulnerable people in society," said Chief Executive Antony Walters.
"Whilst the results for the year to April 30 and recent periods have been disappointing, the numbers do not reflect the considerable investment both in time and effort and in financially building up our pipeline, particularly in Extra Care," he added.
Ashley House shares were down 14% early Wednesday to 10.40 pence, one of the worst performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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