27th Jan 2023 07:34
One Heritage Group PLC - Manchester-based residential property developer in north-west England - On Thursday, says it continues to face industry-wide challenges, including mounting cost pressures from "building materials and also sub-contractor labour shortages". Expects impairments of GBP750,000 to GBP1.3 million across the portfolio due to delays. Adds that a planning application for 34 apartments is awaiting planning permission. One Heritage says the project will generate net revenue of GBP5.6 million.
Chief Executive Officer Jason Upton says: "We are looking forward to 3 development projects completing in the first half of the year and to progress the projects in our pipeline, namely Victoria Road, Seaton House and Churchgate."
Additionally, notes the resignation of Development Director Martin Crews, who is expected to leave the firm in March. Hires Paul Westhead as interim development director. "Westhead brings a wealth of residential property experience, financial analysis, risk management and an in-depth understanding of the property and regeneration market place," One Heritage says.
Current stock price: 16.50 pence each
12-month change: down 68%
By Xindi Wei, Alliance News reporter
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