9th Mar 2005 08:55
Raven Mount plc09 March 2005 For immediate release 09 March 2005 Notice of Results and Update on Trading Raven Mount plc ("Raven Mount", the "Company") will announce its results for theyear to 31 December 2004 on 21 March 2005. 2004 was a year of transition with management focused on restructuring and cashgeneration. The financial impact of this will be reflected in the results for2004 which will show an operating loss. As stated in the circular toshareholders dated 26 November 2004, the housing market has been increasinglysubdued in 2004 and the effect of this has been particularly evident on SwanHill with its focus on the upper end of the housing market in Southern England.These market conditions have continued into 2005. In light of these marketconditions, the Board has reviewed the carrying value of stock and this hasresulted in the write-down of assets. Notwithstanding this, the Board has continued to implement its strategy ofselective asset disposals and the Company generated net cash of approximately£7.5 million from the sale this month of its Yaxley site. As at today's datethe Group's net cash balances are in excess of £9.5 million. Enquires: Raven MountAnton Bilton Bim SandhuChairman Chief Executive020 7235 0422 020 7235 0422 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
RAV.L