29th Apr 2008 07:01
Ashley House PLC29 April 2008 Ashley House plc Pre-Close Trading Update Ashley House plc ("Ashley House" or the "Company"), the primary careinfrastructure specialist, is pleased to provide an update on current tradingand progress in certain key business areas. Clinical Services Partnership Ashley House Clinical Services Ltd (a wholly owned subsidiary providing clinicalservices management and support) has signed a strategic partnership withInnovations in Primary Care Ltd. ("IPC"), a West Sussex-based GP consortiumserving c.300,000 patients in West Sussex. The partnership is designed tofacilitate the delivery of a broad range of primary care services, and equip IPCwith sufficient scale and expertise to secure NHS contracts for the delivery ofthese services in that region. Having reviewed the market at the end of 2007, IPC selected Ashley House as itsstrategic partner based on a shared vision of innovation; in-depth knowledge ofthe sector; and its commitment to a genuine partnership approach. Commenting on the partnership Dr Tim Kimber, a board member and shareholder ofIPC, said: "We reviewed all of the key players in this market but none could compete withthe depth of industry knowledge, expertise and quality of Ashley House's people." Health Parks Joint Venture Ashley House plc has signed a joint venture agreement with AH Medical Propertiesplc ("AHMP") to develop the Scarborough Health Park scheme. As announced in thetrading update on 10 October 2007, the site has received planning consent for a2,000 sqm primary care centre and pharmacy, a 93 bed care home, 14 shelteredapartments and a 2,500 sqm treatment facility with space for 2 operatingtheatres and 25 beds. Under the terms of the joint venture, the site will be owned 50:50 by AshleyHouse and AHMP on the basis of a site value of £3.75m and each will share thereturns achieved from the scheme. The site has been valued by King Sturge at£3.8m and Lloyds Bank will advance £2.66m to AH Scarborough Health Park Ltd, thejoint venture company which is owned 50% by each of Ashley House and AHMP.Ashley House has provided a guarantee for the debt until the build phase of thescheme. Trading Update Following the successful establishment of the Scarborough Health Park jointventure and a strong contribution from design activity including NHS LIFTprojects, the Board expects Profit Before Tax for the full year to 30 April 2008to be in line with market expectations. This has been achieved in spite of somedelays in schemes getting onto site as highlighted in the interim results. The Board is increasingly confident about the prospects for growth over the nexttwo years in all of its activities. There is a robust pipeline of schemes in theCompany's core Primary Care Infrastructure and NHS LIFT businesses, as evidencedby the strong design fees contribution in the year to 30 April 2008. Activity in the Health Park division is gathering pace, Clinical ServicesManagement division has a number of exciting opportunities whilst the incomefrom Asset Management continues to grow as new investments are delivered to AHMedical Properties. Enquiries: Ashley House plc Tel: 01628 600340Jonathan Holmes, Chief ExecutiveBruce Walker, Finance Director Citigate Dewe Rogerson Tel: 020 7638 9571Sarah Gestetner / Ged Brumby Numis Securities (Nominated Adviser and broker) Tel: 020 7260 1000David Poutney / Oliver Cardigan This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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