31st Jan 2020 12:00
(Alliance News) - Ashley House PLC on Friday said it will report a loss for the eighteen months to October 2019 and will include all activity from Morgan Ashley Care Developments LLP, its interest in which has since been sold.
Health and housing property partner Ashley House has moved its financial year end to October 31 from April 30. As such, it will report its results for the 18 month period. These results will show a loss and are to "incorporate all of the activity from the disposal of Morgan Ashley". In its previous financial year to April 2018, its pretax profit was GBP1.8 million.
Ashley House announced the sale of its 50% Morgan Ashley interest for GBP2.0 million in cash in October. Since its creation, Morgan Ashley - an extra care developer and joint venture with Morgan Sindall Investments Ltd - required funding from both joint venture partners. The 50% stake was sold to Morgan Sindall, giving it full ownership.
A revised strategy was adopted in conjunction with the Morgan Ashley sale, with Ashley House focusing "on developing property schemes in the affordable housing market and health and wellbeing sector", leaving extra care.
In terms of affordable housing, Ashley House said it has made "good progress" and is "working with major institutional buyers of affordable homes and with landowners to build an attractive and viable pipeline of affordable housing schemes."
Looking ahead, Ashley House said it "continues to seek financing" to provide sufficient resources for affordable housing opportunities and working capital requirements.
"The board will continue to update the market as to progress on its revised strategy and any financing developments," said Ashley House.
Shares in Ashley House were untraded on Friday, last trading at 2.75 pence.
By Anna Farley; [email protected]
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