Warner Estate reveal reduced H1 losses

Warner Estate reveal reduced H1 losses

Warner Estate reveal reduced H1 losses

Warner Estate Holdings Plc, today reported a reduced pre-tax loss of 1 million in it's H1 results to September 30th. The firm is past having net assets, it now reports that it's net liabilities per share have increased from 7p to 9p.

Group net debt has been reduced to 241.3 million as at 30 September 2010 from 253.3 million as at 31 March 2010 as a result of completing the disposal of two non-income producing assets, Sovereign Gate, Richmond and 24-26 The Minories, London were sold in April and June respectively, for a combined amount of 10.8 million which was in line with valuation. The Group is now paying 7.1% on it's debt as the price for it's lenders continued support. The whole portfolio has a net initial yield of 7.6% and an equivalent yield of 9.2%, which doesn't leave much after the bankers have been paid, so no surprise that a dividend will not be paid.

Warner Estate has wholly owned assets worth 210.9 million and will no longer seek to add to these, indeed it would move them on if it could profitably do so, but it is focussed on the task of managing the 1.4 billion worth of property in the Astenne Industrial Fund (668 million), the Apia Regional Office Fund (222.6 million), and its joint ventures in Agora and Agora Max shopping centres and Greater London Offices (151, 87 & 74 million respectively).

Philip Warner, Chairman commented:

"The improvement in sentiment in the property market in the early part of this year, brought about by increased demand and some capital growth, appears to have waned as the UK economy waits to assess the impact of the proposed Government austerity measures. This uncertainty is exacerbated by the current turmoil in European financial markets. With a mixed property portfolio, we can see both upsides and downsides and asset management experience will be more important than ever, an expertise which the Group is well placed to provide."

POST COMMENT

Top Ways to Save on Home Improvement Indoor Tomatoes are Spoiled Children Flat Screen Tv Wall Mounts Enhance The Visual Experience Varieties In Flat Screen Tv Wall Mounts 9 Furniture Removal Tips for Easy Moving RTA Bathroom Cabinets to Trim Down Remodeling Costs Give Your Child A Head Start By Staying Home For The First 3 Years Understanding Why Home Improvement Estimates Vary Top Home Fitness Suggestions - Suggestions for Maximizing Your Home Work Outs Keeping Your Cool - Tips for Cooling Your Home During the Summer Months Bean Bag Couch-The Perfect Alternative Furniture Learn Easy Tips Before Investing In Locust Point Real Estate Property Useful Info - Best Natural Cure For Heartburn - Most Likely You Already Have It In Your Home