WNER Wt Wner Usd

 

TIDMWNER 
 
RNS Number : 4787X 
Warner Estate Holdings PLC 
14 August 2009 
 

Warner Estate Holdings PLC ("Warner Estate" or "Group") 
 
 
Interim Management Statement 
14th August 2009 
 
 
 
 
Business Review: 
 
 
The Group continues to focus on those actions that generate recurring 
profitability and cash. 
 
 
Recurring profit for the three months to 30 June 2009 is in line with the 
quarter to 31 March 2009. The key drivers to recurring profitability have been 
maintaining like for like net rental income coupled with cost savings, of over 
GBP3million on an annual basis. Challenging these drivers are the reductions in 
core asset management fees arising from the Ashtenne Industrial Fund and the 
Apia Regional Office Fund and reduced distributions from the Group's investment 
in the Apia Regional Office Fund. 
 
 
Property: 
 
 
Cash collection remains strong with over 97.3% of rents collected within 28 days 
of the June 2009 quarter day across both the wholly owned and the managed 
portfolios. As referred to in the audited results for the year ended 31 March 
2009, made on 31 July 2009 (the "Results Announcement"), the Group's net debt 
has reduced to GBP238million, as at 30 July, from GBP285million, as at 31 March 
2009, primarily due to property disposals but also due to positive operational 
cash flows. 
 
 
Finance: 
 
 
As a consequence of the fall in value of the units held by the Group in the 
Ashtenne Industrial Fund and the Apia Regional Office Fund, Warner Estate's net 
asset value has fallen below half of its called up share capital.  In accordance 
with S142 Companies Act 1985 Warner Estate will convene an extraordinary general 
meeting to follow the annual general meeting on 18 September 2009 to consider 
whether any further steps need to be taken in addition to the current strategy 
for the Group's recovery. 
 
 
Discussions with each of the Group's lenders continue as detailed in the Results 
Announcement. There have been no material developments since that announcement. 
The Directors will provide updates regarding these discussions as and when 
appropriate. 
 
 
-ends- 
 
 
Enquiries: 
+--------------------------------------+--------------------------------------+ 
| Warner Estate Holdings PLC           | City Profile                         | 
+--------------------------------------+--------------------------------------+ 
| Philip Warner, Chairman              | Jonathan Gillen                      | 
+--------------------------------------+--------------------------------------+ 
| Mark Keogh, Finance Director         | William Attwell                      | 
+--------------------------------------+--------------------------------------+ 
| Robert Game, Property Director       | Tel: 020-7448-3244                   | 
+--------------------------------------+--------------------------------------+ 
| Tel: 020-7907-5100                   |                                      | 
+--------------------------------------+--------------------------------------+ 
| Web:  www.warnerestate.co.uk         |                                      | 
+--------------------------------------+--------------------------------------+ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 IMSGUUAPRUPBGPC 
 

Wt Wner Usd (LSE:WNER)
Historical Stock Chart
From May 2024 to Jun 2024

Wt Wner Usd (LSE:WNER)
Historical Stock Chart
From Jun 2023 to Jun 2024