Ashley House swings to loss as revenue slumps

Thu, 14th Nov 2019

Ashley House swung to a loss as revenues generated from its recently sold joint venture Morgan Ashley were not included in the period. The company reported a pre-tax loss of £2.9m, compared with a profit of £0.8m, while revenue fell to £11.9m from £18.5m. 'The reduction reflecting that revenues earned in Morgan Ashley did not contribute to group revenues as the joint venture profits and losses were reported only within share of results of joint ventures,' the company said. Morgan Ashley was sold to Morgan Sindall Investments in October 2019. The company also said it had changed its year-end reporting date to 31 October from 30 June. 'The delays experienced in closing schemes in Morgan Ashley along with the commensurate increase in the cash investment required, placed a significant burden on the Company and despite exploring other avenues, it ultimately proved unsustainable,' said Christopher Lyons, chairman. 'The company is now refocusing its interests in health development and housing and looks to maximise the significant potential seen in F1 Modular and particularly in the affordable housing market,' Lyons added. At 10:00am: (LON:ASH) Ashley House PLC share price was -0.2p at 2.65p Story provided by StockMarketWire.com

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