25th Apr 2007 07:00
Ashley House PLC26 April 2007 Ashley House plc Current Trading Update Ashley House plc ("Ashley House" or the "Company") the Primary Careinfrastructure specialist is pleased to announce today a positive tradingstatement ahead of its maiden preliminary results. The Company has now reached practical completion on its major scheme inNewcastle upon Tyne. Newcastle demonstrates Ashley House's ability to provideinnovative solutions enabling the Primary Care Trust ("PCT") to provide newfacilities for 2 GP practices, an urgent care centre, mental health services,dentists, as well as a pharmacy, opticians and other community health services.Part of the property will be owned by the PCT and part owned by AH MedicalProperties plc and leased to the PCT. The strategic alliance with Babcock & Brown is proceeding well with a number ofNHS LIFT schemes being progressed by the Ashley House team as envisaged. Thepositive financial impact of this relationship will begin in the next financialyear commencing 1 May 2007. However as part of the cost of securing thisimportant alliance FRS20 is likely to require the inclusion of a non-cash, oneoff notional p&l charge relating to the issue of the warrant to Babcock & Brown.This is likely to be in the region of £1.2m and will impact upon the figures forthe year to 30 April 2007. Asset Management revenues from the management of AH Medical Properties plc(AHMP) portfolio are set to grow as a result of the delivery of new buildingssuch as Newcastle and the successful acquisition and fundraising completed byAHMP, which has greatly increased the capital base of AHMP since de-stapling. We are now in a position to announce that all targeted completions in thefinancial year to 30 April 07 have been achieved. As a result, trading profitfor the group is expected to show continued solid growth. The board anticipates announcing the results for the year ended 30 April 2007 inearly July 2007. Enquiries: Ashley House plc Tel: 01753 891189Jonathan Holmes, Chief Executive Bruce Walker, Finance DirectorCitigate Dewe Rogerson Tel: 020 7638 9571 Sarah Gestetner / Ged BrumbyNumis Securities (Nominated Adviser and broker to Ashley House) Tel: 020 7260 1000Michael Meade, Oliver Cardigan This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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