17th Apr 2008 07:01
Warner Estate Holdings PLC17 April 2008 Warner Estate Holdings PLC ('Warner Estate' or 'Group') Post Year-end Trading Statement Warner Estate Holdings PLC, the property investment and fund management company,today makes a trading statement following the Group's year end on 31 March 2008.The Group intends to announce its preliminary results for the year ended 31March 2008 during the week commencing 9 June 2008. The Group reports that, following its Interim Management Statement inmid-February, it has continued to generate satisfactory levels of realisedprofit, including that arising from the sale of £16million of property, whichproduced a realised profit of some £3.3million over March 2007 values. Thesedisposals have also had the benefit of reducing net debt, which, followingpayment of the interim dividend and repayment of a further tranche of£2.7million of the loan notes issued on the purchase of JS Real Estate, stood atapproximately £350million on 31 March (30 September: £366million), with afurther £9.75million still to be received. Concerning the Ashtenne Industrial Fund and Apia Regional Office Fund, where theGroup is a co-investor and asset manager, in the six months to 31 March 2008 thefall in value in the Group's holdings in these funds reduced Warner Estate's 30September 2007 adjusted NAV per share of 766p by 36p of which 15p arose in thelast three months. The Group continues to comply with all banking covenants and to maintainsufficient headroom within its facilities to meet ongoing working capitalrequirements. Earlier this month, the £150million loan to the Agora jointventure with Bank of Scotland was rolled for a further two years, and the entireloan has been hedged at around 4.34%. Outward movement in yields appears to have slowed during the quarter to Marchalthough the Group remains cautious due to continuing uncertainty in financialmarkets. Nevertheless, revenue continues to improve, with the Group achievingestimated rental values on reviews and renewals, and the latest cut in Base Ratewill reduce the Group's annual costs by around a further £0.5million. - ends - Date: 17 April 2008 Warner Estate Holdings PLC City ProfilePhilip Warner, Chairman Simon CourtenayPeter Collins, Finance Director Tel: 020-7448-3244Michael Stevens, Property DirectorTel: 020-7907-5100Web: www.warnerestate.co.uk This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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