Bought a few today as it seems to be on the road to recovery after a rocky time. Directors bought in at 13p on 9th September. dyor etc.
www.ashleyhouseplc.com

Fallen flat on its face again.

Trading Update
RNS
RNS Number : 6652D
Ashley House PLC
01 April 2014





1 April 2014







Ashley House plc



Trading Update





Ashley House plc ("Ashley House" or the "Company") the health and community care property partner provides a trading update.



Our updates over the last few months have stated that in order to reach market expectations for profits in the financial year ending 30 April 2014, the Company would need to achieve planning and exchange legal contracts on four out of six extra care schemes.



Planning remains likely to be achieved on enough schemes in the required timescale. However, completing legal agreements with prospective tenants and purchasers is proving slower than anticipated. We continue to have very positive discussions around appropriate funding structures with both Registered Provider tenants and funders, but whilst we remain confident that all six schemes will successfully close, we are no longer confident that, without compromising our commercial position in order to accelerate completions, they will do so before our financial year end. It is therefore likely that the Company will not make a profit in the current financial year. The profits attributable to schemes that do not close prior to year end, are accordingly likely to contribute to profitability in 2014/15.

After recent discussions with some significant shareholders, the Board reaffirms its preference to take the necessary time to achieve strong commercial agreements with the right structure rather than press for completion at the expense of longer term shareholder value.

The Board is very positive about the value being created in the extra care market. Over the last few months the Company has opened discussions with a number of institutional funders looking to provide long term capital for the schemes it produces. This has led to receipt of indicative project funding proposals which the Board is now exploring. It is possible that the delay in closing some of these schemes may allow some of them to be funded this way which could enhance value.

The Board will continue to provide updates of progress with trading and the evolving funding strategy as appropriate.

Separately, the Company can confirm that it has agreed to drawdown a further £1.5m development finance from a facility managed by Rockpool Investments LLP in support of Ashley House's development strategy.

StockMarketWire.com
Health and community care property partner Ashley House swung into the black in the year to the end of April with a pre-tax profit of £241,000 against a loss of £11,886,000 last time.

Revenues increased by 147% to £20,737,000 (2015: £8,384,000) and the group made a g ross profit of £4,793,000 (2015: gross loss £216,000).

The group reports an adjusted PBT (profit before tax, depreciation, impairment and other operating income) of £1,160,000 (2015: adjusted loss before tax of £4,241,000).