2nd Feb 2007 07:00
Wren Homes Group PLC02 February 2007 For release 7.00am 2 February 2007 WREN HOMES GROUP PLC (WHG.L) Trading Update Wren Homes Group Plc ("Wren"), the AIM Listed retirement homes developer, istoday issuing a trading update for the six months period to 31st of January2007, ahead of its Interim Results (which will be reviewed by our Auditors)which will be announced on 30th March 2007. Wren anticipates announcing good results in line with Group expectations. Overthe last 12 to 18 months margins have continued to improve as a higherproportion of increased unit sales have related to retirement housing and it isenvisaged that this trend will continue; indeed the directors anticipate amodest profit at the Interim stage, (as compared to a loss for the comparableperiod last year) and being able to announce a maiden dividend. Wren's move from the Plus Market to the AIM Market has been successful, raisingsome £3.0 million of new money. The issue, in which demand exceeded availabilityof new shares, has led to a marked premium in the share price from the issueprice of 36 pence per share. The directors are pleased to advise that the Group has just obtained planningpermission for 20 retirement apartments in the Carshalton, Surrey area. In line with the increased levels of activity, Wren has taken the opportunity tomove to new offices in Epsom, which includes a new computer system and a soon tobe up-dated web-site. Wren is also in the process of recruiting an additional Land-Buyer and hasidentified a senior sector specialist, within the retirement homes market, tobecome Sales & Marketing Director designate, who will commence work in earlyFebruary. The Group has also appointed a new senior bank, to cover for both its day to dayrequirements and also for the provision of project finance for individualdevelopments. As of today's date the Group has in excess of £1.5 million of netcash on deposit. Commenting, Paul Treadaway, CEO Wren Homes said: "Taking the market as a whole, and with the normally buoyant spring periodahead, I believe that the fundamentals of the market remain sound. Given thestrength of current sales and our recent planning consents, I look forward tothe future with confidence." EnquiriesWren Homes Group plc Paul Treadaway, Managing Directorwww.wrenhomesplc.co.uk Tel: 01372 742 244 JM Finn Leslie Kent/Matthew Robinson/Charles Cunningham Tel: 0207 628 9688 Adventis Financial PR Peter Binns/Tarquin Edwards Tel: 020 7034 4760 / 020 7034 4758 07768 392 582 / 07879 458 364 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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