TIDMWHG
RNS Number : 4733R
Wren Homes Group PLC
30 April 2009
For release on 30 April 2009
Wren Homes Group Plc (WHG/L)
("Wren" or "the Group"),
Interim Results
for the Half Year Ended 31 January 2009
Wren Homes Group Plc, the AIM listed provider of retirement living, through a
range of Extra Care and other services for the independent elderly, announces
interim results for
the half year ended 31 January 2009.
· The global economy continues to suffer a very significant recession and
the property sector has been severely impacted within it. As a result
unfortunately, Wren has not been immune to these conditions and is disappointed
to report an interim loss for the period of GBP549,960 (2008: GBP269,730) on
turnover of GBP53,900 (2008: GBP84,000).
· However, against this backdrop, the Group has seen a tangible upturn in
customer interest since January 2009, with reductions in interest rates and in
Wren's case, commensurately, the reduction in mortgage rates resulting in a
corresponding pickup in demand for property sales and mortgage advances.
· Whilst this modest upturn is not reflected in Wren's interim trading
results, the Group has, during the first four months of 2009, sold or exchanged
contracts on the sale of five units from Wren's existing stock of property and
it has also received reservations over the same period on a further three
properties.
Brian Nathan, Chairman of Wren Homes Group Plc, commented:
"Whilst the global economy in general, and the UK's in particular, show few
signs of recovery, Wren itself is holding its own with a slight, albeit to Wren
significant, increase in sales of existing units. Further, it has already
received interest for its new Extra Care Schemes and the first one planned for
completion in Surrey in 2010 has received over 125 enquiries, without any
advertising.
Wren's challenge for the foreseeable future is to continue to identify good
sites and hold them under option at minimal cost, to obtain the necessary
planning consents for its Extra Care Schemes and to source the necessary finance
to acquire and develop such sites. Despite the challenges that 2009 may well
present, I look forward with cautious optimism."
Enquiries:
+-----------------------------+------------------------------------------+
| Wren Homes Group plc | |
+-----------------------------+------------------------------------------+
| Paul Treadaway | Tel: 01372 742 244 |
| CEO | www.wrenhomesplc.co.uk |
+-----------------------------+------------------------------------------+
| | |
+-----------------------------+------------------------------------------+
| Shore Capital | |
+-----------------------------+------------------------------------------+
| Pascal Keane | Tel: 020 7408 4090 |
+-----------------------------+------------------------------------------+
| | |
+-----------------------------+------------------------------------------+
| Adventis Financial PR | |
+-----------------------------+------------------------------------------+
| Tarquin Edwards / Chris | Tel: 020 7034 4758/59 - 07879 458 364 / |
| Steele | 07979 604 687 |
+-----------------------------+------------------------------------------+
WREN HOMES GROUP PLC
CHAIRMAN'S STATEMENT
HALF YEAR ENDED 31 JANUARY 2009
Trading Results
As Shareholders will be aware, the global economy continues to suffer one of the
worst recessions in living memory and the UK, and in particular the property
sector, is one of the worst affected within it.
There are, however, some recent signs of "small green shoots" to be slightly
more optimistic about, namely; the series of reductions in interest rates and in
our case, commensurately, the reduction in mortgage rates and the corresponding
pickup in demand for property sales and mortgage advances.
Whilst this has not had any impact on our trading results for the six months
under review, we have, during the first four months of 2009, sold or exchanged
contracts on the sale of five units from Wren's existing stock of property and
we have also received reservations over the same period on a further three
properties.
Yet again, for the six months ended 31 January 2009, I am disappointed to report
an interim loss of GBP549,960 (2008: GBP269,730) on a turnover of GBP53,900
(2008: GBP84,000).
Dividend
The Directors continue to take the prudent view, to preserve cash, that no
dividend (2008: 0.125p per share) is to be recommended until there is a marked
and sustained upturn in the property markets and a resultant return to
profitability.
Measures to Strengthen the Company
The policies outlined in my Chairman's Report in the annual report and accounts
for the year ended 31 July 2008 (announced 31 January 2009), of taking in
part-exchange properties, the appointment of several local firms of estate
agents and targeted advertising, coupled with a slight upturn in the market,
appears to be bearing fruit, as can be seen from the sales and reservations
referred to above in Trading Results.
Wren has implemented cost cutting measures wherever possible and the sales
outlined above will assist in materially reducing bank loans and subsequent
sales will generate working capital within the Company.
Extra Care Marketplace
Wren is nearing completion of its repositioning exercise to focus solely on the
Extra Care element of the retirement housing market, and to this end it has two
sites already with planning consent and another expected shortly, all for
developments of in excess of 50 units each. This move will position Wren between
the traditional retirement homes and the full care nursing homes and will offer
residents the best of both models, with independent living, but also the
opportunity to receive care based on individual needs.
The company will then be in a position to provide a wider range of services
including 24/7 staffing, restaurant, lounge/conservatory, coffee bar, activities
and treatment rooms, hair salon, laundry, etc, to support the "independent"
elderly, so that they may continue to live longer in the comfort and security of
their own homes.
WREN HOMES GROUP PLC
CHAIRMAN'S STATEMENT CONTINUED
Work-in-Progress & Land Bank
Wren continues to source new sites and to obtain appropriate Extra Care planning
consents on them, as well as securing the necessary funds to finance their
development. Wren currently has three sites for Extra Care schemes of over 50
units per site. Of these three sites, the Company owns one, one has had planning
granted and is under option and the third is under option and expected to
achieve planning shortly. The first of these, in Surrey, should be ready for
occupancy by Summer 2010.
The company continues to develop its land bank and "virtual land bank" for Extra
Care schemes (where the sites are held under minimal cost options until
acceptable planning consent is gained), a summary of which is set out below:
Units
Under Option and/or Planning Applied for 174
Planning Consent Granted/Owned 107
Planning expected imminently 53
Built & Completed for Sale (traditional flats and
sheltered housing apartments)
15
Total
349
Bank Support
The Group's Bank has confirmed that it intends to continue its banking and
financial relationship with Wren and at the time of writing sees no reason why
existing loans cannot be renegotiated and extended, with sufficient facilities
being made available to support the company. As per the normal course of
business, the Banking facilities will be subject to approval by the Bank's
Credit Committee.
Going Concern
As set out in the notes to the consolidated Interim Statement, the group's
working capital facility and loan agreements are currently being renegotiated
with its bankers. The Directors, after making appropriate enquiries, as
described in Note 1 to the preliminary announcement, believe that the Group,
with renegotiated loans and facilities, has adequate resources to continue in
operational existence for the foreseeable future. For this reason, they continue
to adopt the going concern basis in the preparation of these interim statements.
Outlook and Prospects
Whilst the global economy in general, and the UK's in particular, show few signs
of recovery, Wren itself is holding its own with a slight, albeit to Wren
significant, increase in sales of existing units. Further, it has already
received interest for its new Extra Care Schemes and the first one planned for
completion in Surrey in 2010 has received over 125 enquiries for 55 units,
without any advertising.
Wren's challenge for the foreseeable future is to continue to identify good
sites and hold them under option at minimal cost, to obtain the necessary
planning consents for its Extra Care Schemes and to source the necessary finance
to acquire and develop such sites. Despite the challenges that 2009 may well
present, I look forward with cautious optimism.
B Nathan - Chairman
30 April 2009
WREN HOMES GROUP PLC
CONSOLIDATED INCOME STATEMENT
+----------------------------------+------+-------------+-------------+-------------+
| For the six months ended 31 | | Six months | Six months | Year |
| January 2009 | | | | |
+----------------------------------+------+-------------+-------------+-------------+
| | | ended | ended | ended |
+----------------------------------+------+-------------+-------------+-------------+
| | | 31 Jan 2009 | 31 Jan 2008 | 31 July |
| | | | | 2008 |
+----------------------------------+------+-------------+-------------+-------------+
| | | Unaudited | Unaudited | Audited |
+----------------------------------+------+-------------+-------------+-------------+
| | | | | |
+----------------------------------+------+-------------+-------------+-------------+
| | Note | GBP | GBP | GBP |
+----------------------------------+------+-------------+-------------+-------------+
| | | | | |
+----------------------------------+------+-------------+-------------+-------------+
| Continuing operations | | | | |
+----------------------------------+------+-------------+-------------+-------------+
| Revenue | | 53,900 | 84,000 | 84,000 |
+----------------------------------+------+-------------+-------------+-------------+
| Cost of sales | | (70,117) | (95) | (141,255) |
+----------------------------------+------+-------------+-------------+-------------+
| | | | | |
| | | | | |
+----------------------------------+------+-------------+-------------+-------------+
| Gross (loss)/profit | | (16,217) | 83,905 | (57,255) |
+----------------------------------+------+-------------+-------------+-------------+
| | | | | |
+----------------------------------+------+-------------+-------------+-------------+
| Administration expenses | | (566,839) | (540,950) | (1,178,471) |
+----------------------------------+------+-------------+-------------+-------------+
| | | | | |
| | | | | |
+----------------------------------+------+-------------+-------------+-------------+
| | | | | |
+----------------------------------+------+-------------+-------------+-------------+
| Loss from operations | | (583,056) | (457,045) | (1,235,726) |
+----------------------------------+------+-------------+-------------+-------------+
| | | | | |
+----------------------------------+------+-------------+-------------+-------------+
| Net loss from fair value | | - | - | (10,000) |
| adjustment | | | | |
+----------------------------------+------+-------------+-------------+-------------+
| | | | | |
+----------------------------------+------+-------------+-------------+-------------+
| Investment income | | 114,368 | 90,440 | 161,253 |
+----------------------------------+------+-------------+-------------+-------------+
| | | | | |
+----------------------------------+------+-------------+-------------+-------------+
| Finance cost | | (81,272) | (27,365) | (38,578) |
+----------------------------------+------+-------------+-------------+-------------+
| | | | | |
| | | | | |
+----------------------------------+------+-------------+-------------+-------------+
| Loss before tax from continuing | | | | |
| operations | | (549,960) | (393,970) | (1,123,051) |
+----------------------------------+------+-------------+-------------+-------------+
| | | | | |
+----------------------------------+------+-------------+-------------+-------------+
| Income tax | | - | 124,240 | 212,914 |
+----------------------------------+------+-------------+-------------+-------------+
| | | | | |
| | | | | |
+----------------------------------+------+-------------+-------------+-------------+
| Loss for the period from | | | | |
| continuing operations after tax | | (549,960) | (269,730) | (910,137) |
+----------------------------------+------+-------------+-------------+-------------+
| All attributable to equity | | | | |
| holders of the parent | | | | |
+----------------------------------+------+-------------+-------------+-------------+
| | | | | |
+----------------------------------+------+-------------+-------------+-------------+
| Earnings per share | | | | |
+----------------------------------+------+-------------+-------------+-------------+
| | | | | |
+----------------------------------+------+-------------+-------------+-------------+
| The weighted number of shares in | | 46,976,735 | 40,422,387 | 40,422,387 |
| issue | | | | |
+----------------------------------+------+-------------+-------------+-------------+
| | | | | |
+----------------------------------+------+-------------+-------------+-------------+
| Basic and diluted | 2 | (1.17)p | (0.66)p | (2.25)p |
+----------------------------------+------+-------------+-------------+-------------+
| | | | | |
+----------------------------------+------+-------------+-------------+-------------+
WREN HOMES GROUP PLC
CONSOLIDATED BALANCE SHEET
+----------------------------------+-------+--------------+------------+------------+
| | | 31 Jan 2009 | 31 Jan | 31 July |
| | | | 2008 | 2008 |
+----------------------------------+-------+--------------+------------+------------+
| | | Unaudited | Unaudited | Audited |
+----------------------------------+-------+--------------+------------+------------+
| | Note | GBP | GBP | GBP |
+----------------------------------+-------+--------------+------------+------------+
| Non-current assets | | | | |
+----------------------------------+-------+--------------+------------+------------+
| Goodwill | 3 | 3,135,203 | 3,135,203 | 3,135,203 |
+----------------------------------+-------+--------------+------------+------------+
| Investment property | | 230,000 | 240,000 | 230,000 |
+----------------------------------+-------+--------------+------------+------------+
| Property plant & equipment | 4 | 152,407 | 216,470 | 194,214 |
+----------------------------------+-------+--------------+------------+------------+
| Trade & other receivables | | 2,675,000 | 2,675,000 | 2,675,000 |
+----------------------------------+-------+--------------+------------+------------+
| | | | | |
| | | | | |
+----------------------------------+-------+--------------+------------+------------+
| Total non-current assets | | 6,192,610 | 6,266,673 | 6,234,417 |
+----------------------------------+-------+--------------+------------+------------+
| | | | | |
| Current assets | | | | |
+----------------------------------+-------+--------------+------------+------------+
| Inventories | | 7,074,719 | 6,797,555 | 6,932,160 |
+----------------------------------+-------+--------------+------------+------------+
| Trade & other receivables | | 1,452,225 | 1,300,991 | 1,035,384 |
+----------------------------------+-------+--------------+------------+------------+
| Cash & cash equivalents | | 2,033,163 | 5,182 | 80 |
+----------------------------------+-------+--------------+------------+------------+
| | | | | |
| | | | | |
+----------------------------------+-------+--------------+------------+------------+
| Total current assets | | 10,560,107 | 8,103,728 | 7,967,624 |
+----------------------------------+-------+--------------+------------+------------+
| | | | | |
| | | | | |
+----------------------------------+-------+--------------+------------+------------+
| Total assets | | 16,752,717 | 14,370,401 | 14,202,041 |
+----------------------------------+-------+--------------+------------+------------+
| | | | | |
| Current liabilities | | | | |
+----------------------------------+-------+--------------+------------+------------+
| Trade payables | | 161,397 | 328,090 | 365,474 |
+----------------------------------+-------+--------------+------------+------------+
| Tax liabilities | | 98,494 | 184,934 | 122,327 |
+----------------------------------+-------+--------------+------------+------------+
| Obligations under finance leases | | 31,357 | 66,212 | 35,497 |
+----------------------------------+-------+--------------+------------+------------+
| Other payables | | 152,583 | 122,811 | 286,639 |
+----------------------------------+-------+--------------+------------+------------+
| Bank overdrafts and loans | | 4,802,188 | 4,879,019 | 5,352,340 |
+----------------------------------+-------+--------------+------------+------------+
| | | | | |
| | | | | |
+----------------------------------+-------+--------------+------------+------------+
| Total current liabilities | | 5,246,019 | 5,581,066 | 6,162,277 |
+----------------------------------+-------+--------------+------------+------------+
| | | | | |
| Non-current liabilities | | | | |
+----------------------------------+-------+--------------+------------+------------+
| Obligations under finance leases | | 98,943 | 116,638 | 128,741 |
+----------------------------------+-------+--------------+------------+------------+
| Convertible loan note | 7 | 2,696,559 | - | - |
+----------------------------------+-------+--------------+------------+------------+
| | | | | |
| | | | | |
+----------------------------------+-------+--------------+------------+------------+
| Total non - current liabilities | | 2,795,502 | 116,638 | 128,741 |
+----------------------------------+-------+--------------+------------+------------+
| | | | | |
| | | | | |
+----------------------------------+-------+--------------+------------+------------+
| Total liabilities | | 8,041,521 | 5,697,704 | 6,291,018 |
+----------------------------------+-------+--------------+------------+------------+
| | | | | |
| | | | | |
+----------------------------------+-------+--------------+------------+------------+
| | | 8,711,196 | 8,672,697 | 7,911,023 |
+----------------------------------+-------+--------------+------------+------------+
| | | | | |
| Equity | | | | |
+----------------------------------+-------+--------------+------------+------------+
| Issued share capital | 6 | 5,242,238 | 4,042,238 | 4,042,238 |
+----------------------------------+-------+--------------+------------+------------+
| Share premium account | | 3,650,480 | 3,751,365 | 3751,365 |
+----------------------------------+-------+--------------+------------+------------+
| Capital redemption reserve | | 98,028 | 98,028 | 98,028 |
+----------------------------------+-------+--------------+------------+------------+
| Equity reserve | 7 | 303,441 | - | - |
+----------------------------------+-------+--------------+------------+------------+
| Accumulated (losses)/ profits | | (582,991) | 781,066 | 19,392 |
| Total equity attributable to | | | | |
| equity holders of the parent | | 8,711,196 | 8,672,697 | 7,911,023 |
| | | | | |
+----------------------------------+-------+--------------+------------+------------+
WREN HOMES GROUP PLC
STATEMENT OF CHANGES IN EQUITY
+-----------------------+-----------+-----------+------------+---------+-----------+-----------+
| Six months ended 31 | | | | | | |
| January 2009 | | | | | | |
+-----------------------+-----------+-----------+------------+---------+-----------+-----------+
| | Share | Share | Capital | Equity | Retained | Total |
| | Capital | Premium | Redemption | Reserve | Reserves | |
| | | | | | | |
| | | GBP | GBP | GBP | GBP | GBP |
| | GBP | | | | | |
+-----------------------+-----------+-----------+------------+---------+-----------+-----------+
| Balance at 1 August | 4,042,238 | 3,751,365 | 98,028 | - | 19,392 | 7,911,023 |
| 2008 | | | | | | |
+-----------------------+-----------+-----------+------------+---------+-----------+-----------+
| Net loss for the | - | - | - | - | (549,960) | (549,960) |
| period | | | | | | |
+-----------------------+-----------+-----------+------------+---------+-----------+-----------+
| Share issues | 1,200,000 | 5,000 | - | - | - | 1,205,000 |
+-----------------------+-----------+-----------+------------+---------+-----------+-----------+
| Cost of share issues | - | (105,885) | - | - | - | (105,885) |
+-----------------------+-----------+-----------+------------+---------+-----------+-----------+
| Convertible loan note | - | - | - | 303,441 | - | 303,441 |
+-----------------------+-----------+-----------+------------+---------+-----------+-----------+
| Dividends | - | - | - | - | (52,423) | (52,423) |
+-----------------------+-----------+-----------+------------+---------+-----------+-----------+
| | | | | | | |
| | | | | | | |
+-----------------------+-----------+-----------+------------+---------+-----------+-----------+
| Balance at 31 January | 5,242,238 | 3,650,480 | 98,028 | 303,441 | (582,991) | 8,711,196 |
| 2009 | | | | | | |
+-----------------------+-----------+-----------+------------+---------+-----------+-----------+
| | | | | | | |
| | | | | | | |
+-----------------------+-----------+-----------+------------+---------+-----------+-----------+
| | | | | | | |
+-----------------------+-----------+-----------+------------+---------+-----------+-----------+
| Six months ended 31 | | | | | | |
| January 2008 | | | | | | |
+-----------------------+-----------+-----------+------------+---------+-----------+-----------+
| | Share | Share | Capital | Equity | Retained | Total |
| | Capital | Premium | Redemption | Reserve | Reserves | |
| | | | | | | |
| | | GBP | GBP | GBP | GBP | GBP |
| | GBP | | | | | |
+-----------------------+-----------+-----------+------------+---------+-----------+-----------+
| Balance at 1 August | 4,042,238 | 3,751,365 | 98,028 | - | 1,050,796 | 8,942,427 |
| 2007 | | | | | | |
+-----------------------+-----------+-----------+------------+---------+-----------+-----------+
| Net loss for the | - | - | - | - | (269,730) | (269,730) |
| period | | | | | | |
+-----------------------+-----------+-----------+------------+---------+-----------+-----------+
| | | | | | | |
| | | | | | | |
+-----------------------+-----------+-----------+------------+---------+-----------+-----------+
| Balance at 31 January | 4,042,238 | 3,751,365 | 98,028 | - | 781,066 | 8,672,697 |
| 2008 | | | | | | |
+-----------------------+-----------+-----------+------------+---------+-----------+-----------+
| | | | | | | |
| | | | | | | |
+-----------------------+-----------+-----------+------------+---------+-----------+-----------+
| | | | | | | |
+-----------------------+-----------+-----------+------------+---------+-----------+-----------+
| Year ended 31 July | | | | | | |
| 2008 | | | | | | |
+-----------------------+-----------+-----------+------------+---------+-----------+-----------+
| | Share | Share | Capital | Equity | Retained | Total |
| | Capital | Premium | Redemption | Reserve | Reserves | |
| | | | | | | |
| | | GBP | GBP | GBP | GBP | GBP |
| | GBP | | | | | |
+-----------------------+-----------+-----------+------------+---------+-----------+-----------+
| Balance at 1 August | 4,042,238 | 3,751,365 | 98,028 | - | 1,050,796 | 8,942,427 |
| 2007 | | | | | | |
+-----------------------+-----------+-----------+------------+---------+-----------+-----------+
| Net loss for the | - | - | - | - | (910,137) | (910,137) |
| period | | | | | | |
+-----------------------+-----------+-----------+------------+---------+-----------+-----------+
| Dividends | - | - | - | - | (121,267) | (121,267) |
+-----------------------+-----------+-----------+------------+---------+-----------+-----------+
| | | | | | | |
| | | | | | | |
+-----------------------+-----------+-----------+------------+---------+-----------+-----------+
| Balance at 31 July | 4,042,238 | 3,751,365 | 98,028 | - | 19,392 | 7,911,023 |
| 2008 | | | | | | |
+-----------------------+-----------+-----------+------------+---------+-----------+-----------+
| | | | | | | |
| | | | | | | |
+-----------------------+-----------+-----------+------------+---------+-----------+-----------+
WREN HOMES GROUP PLC
CONSOLIDATED CASH FLOW STATEMENT
+----------------------------------+--------+-------------+-------------+-------------+
| For the 6 months ended 31 | | Six months | Six months | Year |
| January 2009 | | | | |
+----------------------------------+--------+-------------+-------------+-------------+
| | | ended | ended | ended |
+----------------------------------+--------+-------------+-------------+-------------+
| | | 31 Jan 2009 | 31 Jan | 31 July |
| | | | 2008 | 2008 |
+----------------------------------+--------+-------------+-------------+-------------+
| | | | | |
+----------------------------------+--------+-------------+-------------+-------------+
| | | Unaudited | Unaudited | Audited |
+----------------------------------+--------+-------------+-------------+-------------+
| | | | | |
+----------------------------------+--------+-------------+-------------+-------------+
| | Note | GBP | GBP | GBP |
+----------------------------------+--------+-------------+-------------+-------------+
| | | | | |
+----------------------------------+--------+-------------+-------------+-------------+
| | | | | |
| | | | | |
| Cash flows from operating | 11 | (1,458,965) | (4,239,124) | (4,659,725) |
| activities | | | | |
+----------------------------------+--------+-------------+-------------+-------------+
| | | | | |
| | | | | |
+----------------------------------+--------+-------------+-------------+-------------+
| Investing activities | | | | |
+----------------------------------+--------+-------------+-------------+-------------+
| Interest received | | 114,368 | 90,440 | 161,255 |
+----------------------------------+--------+-------------+-------------+-------------+
| Interest paid on loans and bank | | (37,443) | (15,857) | (42,362) |
| overdrafts | | | | |
+----------------------------------+--------+-------------+-------------+-------------+
| Interest paid on hire purchase | | (6,329) | - | (8,606) |
+----------------------------------+--------+-------------+-------------+-------------+
| Other interest paid | | (37,500) | (11,508) | 12,390 |
+----------------------------------+--------+-------------+-------------+-------------+
| Purchase of tangible assets | | - | (152,527) | (153,431) |
+----------------------------------+--------+-------------+-------------+-------------+
| Sales of tangible assets | | 20,000 | - | - |
+----------------------------------+--------+-------------+-------------+-------------+
| | | | | |
| | | | | |
+----------------------------------+--------+-------------+-------------+-------------+
| Cash flows from investing | | 53,096 | (89,452) | (30,755) |
| activities | | | | |
+----------------------------------+--------+-------------+-------------+-------------+
| | | | | |
| | | | | |
+----------------------------------+--------+-------------+-------------+-------------+
| Financing activities | | | | |
+----------------------------------+--------+-------------+-------------+-------------+
| Convertible loan note | | 3,000,000 | - | - |
+----------------------------------+--------+-------------+-------------+-------------+
| New loans | | - | 3,141,151 | 3,209,364 |
+----------------------------------+--------+-------------+-------------+-------------+
| Other loans repaid | | - | - | 136,853 |
+----------------------------------+--------+-------------+-------------+-------------+
| Loans repaid | | (29,177) | (269,633) | 23,360 |
+----------------------------------+--------+-------------+-------------+-------------+
| New hire purchase agreement | | - | 136,852 | - |
+----------------------------------+--------+-------------+-------------+-------------+
| Hire purchase repayments | | (33,938) | (7,363) | (235,974) |
+----------------------------------+--------+-------------+-------------+-------------+
| Share issue | | 1,099,116 | - | (25,976) |
+----------------------------------+--------+-------------+-------------+-------------+
| Dividends paid | | (52,423) | - | (121,267) |
+----------------------------------+--------+-------------+-------------+-------------+
| | | | | |
| | | | | |
+----------------------------------+--------+-------------+-------------+-------------+
| Cash flows from financing | | 3,983,578 | 3,001,007 | 2,986,360 |
| activities | | | | |
+----------------------------------+--------+-------------+-------------+-------------+
| | | | | |
| | | | | |
+----------------------------------+--------+-------------+-------------+-------------+
| Net increase/(decrease) in cash | | | | |
| and cash equivalents | | 2,577,709 | (1,327,569) | (1,704,120) |
+----------------------------------+--------+-------------+-------------+-------------+
| Cash and cash equivalents | | (963,076) | 741,044 | 741,044 |
| brought forward | | | | |
+----------------------------------+--------+-------------+-------------+-------------+
| | | | | |
| | | | | |
+----------------------------------+--------+-------------+-------------+-------------+
| Cash and cash equivalents | | 1,614,633 | (586,525) | (963,076) |
| carried forward | | | | |
+----------------------------------+--------+-------------+-------------+-------------+
| | | | | |
| | | | | |
+----------------------------------+--------+-------------+-------------+-------------+
WREN HOMES GROUP PLC
NOTES TO THE INTERIM RESULTS
+----+----------------------------+---------------+---------------+---------------+
| For the 6 months ended 31 January 2009 | | |
+-------------------------------------------------+---------------+---------------+
| | | | | |
+----+----------------------------+---------------+---------------+---------------+
| 1. | Accounting policies | | | |
+----+----------------------------+---------------+---------------+---------------+
| | | | | |
+----+----------------------------+---------------+---------------+---------------+
| | The accounting policies used for the preparation of these condensed |
| | financial statements follow the same accounting policies and methods of |
| | computation as applied in the most recent financial statements and have |
| | been prepared under International Accounting Standards (IAS). |
+----+----------------------------------------------------------------------------+
| | |
+----+----------------------------------------------------------------------------+
| | The Directors have projected cash flow information for the period to July |
| | 2011. In preparing these cash flows, the Directors are assessing on a |
| | regular basis the sales activity and costs of the business. On the basis |
| | of this cash flow information, the Directors are of the opinion that a |
| | working capital facility and development bank loans are required to fund |
| | new developments and running costs. In addition, there are loans and |
| | overdraft facilities of GBP4,802,188 which aredue for renewal during the |
| | ensuing year. The group is still in the process of renegotiating the |
| | facility and loans with the bank, and subsequent to recent meetings has |
| | correspondence from the bank indicating that the bank is expecting to |
| | continue its banking and financing relationship with the Group and that at |
| | the time of writing, saw no reason why existing loans could not be |
| | renegotiated and extended, with sufficient facilities made available to |
| | support the company, subject to approval by the Bank's Credit Committee. |
| | |
| | The financial statements have been prepared on the going concern basis. |
| | This basis of preparation relies on the successful outcome of the renewal |
| | of the working capital facility and loans. The directors are confident of |
| | a successful outcome. Accordingly the directors consider that the going |
| | concern basis for the preparation of the condensed financial statements is |
| | appropriate. |
| | |
+----+----------------------------------------------------------------------------+
| | |
+----+----------------------------------------------------------------------------+
| | The financial information contained in this report has been prepared in |
| | accordance with the requirements of IAS 34 'Interim Financial Reporting'. |
| | It has not been audited and does not constitute statutory accounts within |
| | the meaning of Section 240 of the companies Act 1985. The statutory |
| | accounts for 2008, which were prepared under International Accounting |
| | Standards (IAS), have been delivered to the Registrar of Companies. The |
| | auditors' opinion on these accounts was modified and contained two |
| | emphasis of matter paragraphs relating to goodwill and going concern. The |
| | audit report does not contain a statement made under Section 237(2) and |
| | Section 237(3) of the Companies Act 1985. |
+----+----------------------------------------------------------------------------+
| | | | | |
+----+----------------------------+---------------+---------------+---------------+
WREN HOMES GROUP PLC
NOTES TO THE INTERIM RESULTS
+----+-------------------------------------+--------------+--------------+------------+
| 2. | Loss per share | | | |
+----+-------------------------------------+--------------+--------------+------------+
| | | | | |
+----+-------------------------------------+--------------+--------------+------------+
| | Basic loss per share | | | |
+----+-------------------------------------+--------------+--------------+------------+
| | The calculation of basic loss per share for the year ended 31 July 2008 and |
| | for the six months ended 31 January 2008 and 2009 have been determined as the |
| | net loss after tax divided by the weighted average number of equity shares in |
| | issue in the period. |
+----+--------------------------------------------------------------------------------+
| | | | | |
+----+-------------------------------------+--------------+--------------+------------+
| | | 6 Months | 6 Months | Year |
| | | ended 31 Jan | ended 31 Jan | ended 31 |
| | | 2009 | 2008 | July 2008 |
+----+-------------------------------------+--------------+--------------+------------+
| | | GBP | GBP | GBP |
+----+-------------------------------------+--------------+--------------+------------+
| | Net loss attributable to ordinary | | | |
| | shareholders | (549,960) | (269,730) | (910,137) |
+----+-------------------------------------+--------------+--------------+------------+
| | | | | |
| | | | | |
+----+-------------------------------------+--------------+--------------+------------+
| | Number of ordinary shares | | | |
+----+-------------------------------------+--------------+--------------+------------+
| | Issued ordinary shares at the | | | |
| | beginning of the period | 40,422,387 | 40,422,387 | 40,422,387 |
+----+-------------------------------------+--------------+--------------+------------+
| | Issue of shares in the period | 12,000,000 | - | - |
+----+-------------------------------------+--------------+--------------+------------+
| | | | | |
| | | | | |
+----+-------------------------------------+--------------+--------------+------------+
| | Issued ordinary shares at the end | 52,422,387 | 40,422,387 | 40,422,387 |
| | of the period | | | |
+----+-------------------------------------+--------------+--------------+------------+
| | | | | |
+----+-------------------------------------+--------------+--------------+------------+
| | Weighted average number of ordinary | | | |
| | shares | | | |
+----+-------------------------------------+--------------+--------------+------------+
| | | | | |
+----+-------------------------------------+--------------+--------------+------------+
| | Issued ordinary shares at the | | | |
| | beginning of the period | 40,422,387 | 40,422,387 | 40,422,387 |
+----+-------------------------------------+--------------+--------------+------------+
| | Issue of shares part way through | 6,554,348 | - | - |
| | the period | | | |
+----+-------------------------------------+--------------+--------------+------------+
| | | | | |
| | | | | |
+----+-------------------------------------+--------------+--------------+------------+
| | Weighted average number of ordinary | | | |
| | shares during the period | 46,976,735 | 40,422,387 | 40,422,387 |
+----+-------------------------------------+--------------+--------------+------------+
| | Basic loss per share | (1.17)p | (0.66p) | (2.25)p |
| | | | | |
+----+-------------------------------------+--------------+--------------+------------+
| | Diluted loss per share | 6 Months | 6 Months | Year |
| | | ended 31 Jan | ended 31 Jan | ended 31 |
| | | 2009 | 2008 | July 2008 |
+----+-------------------------------------+--------------+--------------+------------+
| | | | | |
+----+-------------------------------------+--------------+--------------+------------+
| | Diluted loss per share at period | (1.17)p | (0.66)p | (2.25)p |
| | end | | | |
+----+-------------------------------------+--------------+--------------+------------+
| | | | | |
+----+-------------------------------------+--------------+--------------+------------+
| | Loss per share requires presentation of diluted loss per share when a company |
| | could be called upon it issue shares that would decrease net profits or |
| | increase net loss per share. For a loss making company with outstanding share |
| | options, net loss per share would only be decreased by the exercise of |
| | out-of-the-money share options. No adjustment has been made to dilute loss |
| | per share for out-of-the-money share option and there are no other diluting |
| | future share issues, therefore diluted loss per share is identical to the |
| | basis loss per share. |
| | |
| | |
+----+--------------------------------------------------------------------------------+
| | | | | |
+----+-------------------------------------+--------------+--------------+------------+
WREN HOMES GROUP PLC
NOTES TO THE INTERIM RESULTS
+----+-----+------------------+----------+-----+-----+-----+-----+-----+-----+-----+----------+
| | |
| 3. | Goodwill |
+----------+----------------------------------------------------------------------------------+
| | | | | | | |
+----------+------------------+----------+-----------+-----------+-----------+----------------+
| | The group conducts annual impairment tests of the carrying value of goodwill, |
| | based on the recoverable amount of the cash generating unit (CGU), of which the |
| | Group only has one. |
| | The recoverable amounts for the cash-generating units are determined from value |
| | in use calculations. The key assumptions for the value in use calculations are |
| | those regarding the discount rates, growth rates and expected changes to selling |
| | prices and direct costs during the period. Management estimates discount rates |
| | using pre-tax rates that reflect the current market assessments of the time |
| | value of money and the risks specific to the cash-generating unit. The growth |
| | rates are based on industry growth forecasts. Changes in selling prices and |
| | direct costs are based on past practices and expectations of future changes in |
| | the market. |
| | The group prepares cash flow forecasts derived from the most recent financial |
| | budgets approved by management for the next two years and extrapolates cash |
| | flows for the following five years based on the development of the company's |
| | property portfolio. This rate does not exceed the average long term growth rate |
| | for the relevant markets. The approved cash flow projections in the two |
| | financial years following this year reflect management's expectation of the |
| | performance of the CGU and growth prospects in the Extra Care retirement sector. |
| | Whilst these cash flows do show the value in use is in excess of the carrying |
| | value of the goodwill, there are uncertainties as to the assumption used in the |
| | calculation and to the performance of the business and developments due to the |
| | current economic environment. |
+----------+----------------------------------------------------------------------------------+
| | | | | |
| 4. | Plant and equipment | | | |
+----+-----------------------------------------------------+-----------+-----------+----------+
| | | | Fixtures, | | |
| | | | fittings | | |
| | | | and | Motor | Total |
| | | | equipment | vehicles | |
+----+-----------------------------------------+-----------+-----------+-----------+----------+
| | Cost | | GBP | GBP | GBP |
+----+-----------------------------------------+-----------+-----------+-----------+----------+
| | At 31 July 2008 | | 36,592 | 242,319 | 278,911 |
+----+-----------------------------------------+-----------+-----------+-----------+----------+
| | | | | | |
| | Disposals in the period | | - | (46,010) | (46,010) |
| | | | | | |
+----+-----------------------------------------+-----------+-----------+-----------+----------+
| | At 31 January 2009 | | 36,592 | 196,309 | 232,901 |
| | | | | | |
+----+-----------------------------------------+-----------+-----------+-----------+----------+
| | Depreciation | | | | |
+----+-----------------------------------------+-----------+-----------+-----------+----------+
| | At 31 July 2008 | | 22,276 | 62,421 | 84,697 |
+----+-----------------------------------------+-----------+-----------+-----------+----------+
| | Charge for the period | | 3,060 | 18,747 | 21,807 |
| | Eliminated on disposals | | - | (26,010) | (26,010) |
| | | | | | |
+----+-----------------------------------------+-----------+-----------+-----------+----------+
| | At 31 January 2009 | | 25,336 | 55,158 | 80,494 |
| | | | | | |
+----+-----------------------------------------+-----------+-----------+-----------+----------+
| | Net book values | | | | |
+----+-----------------------------------------+-----------+-----------+-----------+----------+
| | | | | | |
| | At 31 January 2009 | | 11,256 | 141,151 | 152,407 |
| | | | | | |
+----+-----------------------------------------+-----------+-----------+-----------+----------+
| | At 31 July 2008 | | 14,316 | 179,898 | 194,214 |
| | | | | | |
+----+-----+------------------+----------+-----+-----+-----+-----+-----+-----+-----+----------+
WREN HOMES GROUP PLC
NOTES TO THE INTERIM RESULTS
+----+---------------------+----------+-----+------------+------------+------------+
| 4. | Plant and equipment (cont'd) |
+----+-----------------------------------------------------------------------------+
| | | | | | | |
+----+---------------------+----------+-----+------------+------------+------------+
| | Included above are assets held under finance leases or hire purchase |
| | contracts as follows : |
+----+-----------------------------------------------------------------------------+
| | | | | | | |
+----+---------------------+----------+-----+------------+------------+------------+
| | | | | | | |
+----+---------------------+----------+-----+------------+------------+------------+
| | | | | | | |
| | | | | | Motor | |
| | | | | | Vehicles | |
+----+---------------------+----------+-----+------------+------------+------------+
| | | | | | GBP | |
+----+---------------------+----------+-----+------------+------------+------------+
| | Net book values | | | | | |
+----+---------------------+----------+-----+------------+------------+------------+
| | | | | | | |
| | At 31 January 2009 | | | | 141,151 | |
+----+---------------------+----------+-----+------------+------------+------------+
| | | | | | | |
| | At 31 July 2008 | | | | 179,898 | |
| | | | | | | |
+----+---------------------+----------+-----+------------+------------+------------+
| | | | | | | |
+----+---------------------+----------+-----+------------+------------+------------+
| | Depreciation charge | | | 6 Months | 6 Months | 6 Months |
| | for the period | | | ended | ended | ended |
| | | | | 31 Jan | 31 Jan | 31 July |
| | | | | 2009 | 2008 | 2008 |
+----+---------------------+----------+-----+------------+------------+------------+
| | | | | | | |
+----+---------------------+----------+-----+------------+------------+------------+
| | Six months to 31 | | | | | |
| | January 2009 | | | 18,747 | 8,305 | 28,465 |
| | | | | | | |
+----+---------------------+----------+-----+------------+------------+------------+
+----+---------------------+----------+-----+------------+------------+------------+
| 5 | Investment Property | | | | | |
| | Fair Value | | | 31 January | 31 January | 31 July |
| | | | | 2009 | 2008 | 2008 |
| | | | | GBP | GBP | GBP |
+----+---------------------+----------+-----+------------+------------+------------+
| | | | | | | |
+----+---------------------+----------+-----+------------+------------+------------+
| | Balance bought | | | 230,000 | 240,000 | 240,000 |
| | forward | | | | | |
+----+---------------------+----------+-----+------------+------------+------------+
| | Impaired Charge | | | - | - | (10,000) |
+----+---------------------+----------+-----+------------+------------+------------+
| | | | | | | |
| | Balance carried | | | 230,000 | 240,000 | 230,000 |
| | forward | | | | | |
+----+---------------------+----------+-----+------------+------------+------------+
| | | | | | | |
+----+---------------------+----------+-----+------------+------------+------------+
| | Investment properties have been valued on 31 January 2009 at fair value at |
| | an open market value basis. An impairment charge has been made in the |
| | period of GBPNil (2008: GBP10,000) to reflect the decrease in the value of |
| | property. |
| | |
| | The property rental income earned by the group from its investment |
| | property, which is leased out under an operating lease, amounted to |
| | GBP2,685 (31 January 2008 GBP7,245, 31 July 2008 GBP10,992). Direct |
| | operating expenses arising on the investment property in the period |
| | amounted to GBP3,721 (31 January 2008 GBP5,196, 31 July 2008 GBP10,392). |
+----+---------------------+----------+-----+------------+------------+------------+
WREN HOMES GROUP PLC
NOTES TO THE INTERIM RESULTS
+----+------------------+----------+--------+--------+--------+------------+------------+
| 6. | Share Capital | | | 31 Jan 2009 | 31 Jan | 31 July |
| | | | | | 2008 | 2008 |
+----+------------------+----------+--------+-----------------+------------+------------+
| | | | | GBP | GBP | GBP |
+----+------------------+----------+--------+-----------------+------------+------------+
| | Authorised | | | | | |
+----+------------------+----------+--------+-----------------+------------+------------+
| | | | | | | |
+----+------------------+----------+--------+-----------------+------------+------------+
| | 100,000,000 Ordinary shares of 10p | 10,000,000 | 10,000,000 | 10,000,000 |
| | each | | | |
+----+--------------------------------------+-----------------+------------+------------+
| | | | | | | |
+----+------------------+----------+--------+-----------------+------------+------------+
| | Allotted, issued and fully paid | | | |
+----+--------------------------------------+-----------------+------------+------------+
| | | | | | | |
+----+------------------+----------+--------+-----------------+------------+------------+
| | 52,422,387 Ordinary shares of 10p | 5,242,238 | 4,042,238 | 4,042,238 |
| | each | | | |
+----+--------------------------------------+-----------------+------------+------------+
| | | |
+----+-----------------------------------------------+----------------------------------+
| | During the period under review, the following share issues took place: |
+----+----------------------------------------------------------------------------------+
| | | | | |
| | Date | Number | Issue | Proceeds |
| | | | Price | |
+----+--------------------------------------+-----------------+------------+------------+
| | 31 August 2008 | 1,500,000 | 10p | 150,000 |
+----+--------------------------------------+-----------------+------------+------------+
| | 31 October 2008 | 10,000,000 | 10p | 1,000,000 |
+----+--------------------------------------+-----------------+------------+------------+
| | 03 November 2008 | 500,000 | 11p | 55,000 |
+----+------------------+----------+--------+--------+--------+------------+------------+
+----+----------------------------------------------+---------------------+-----------+
| 7 | Convertible loan note | |
+----+----------------------------------------------+---------------------------------+
| | The convertible loan note was issued on 31 October 2008. The note is |
| | convertible into ordinary shares of the company at any time between the date |
| | of issue of the note and 31 October 2013. On issue, the loan note was |
| | convertible at 30,000,000 Ordinary shares at 10p. |
| | Interest of 5% per annum will be paid quarterly until the settlement date. |
| | The loan has been recognised at fair value, using the market rate for a |
| | similar instrument of 7.5% for the purposes of the valuation. The difference |
| | between the nominal value of the loan and the fair value has been recognised |
| | directly in profit or loss as a finance charge. |
| | The fair value of the convertible loan note has been split between a |
| | liability element and an equity component, to represent the fair value of |
| | the embedded option to convert the liability into equity of the group, as |
| | follows: |
+----+--------------------------------------------------------------------------------+
| | | GBP |
+----+--------------------------------------------------------------------+-----------+
| | Nominal value of convertible loan notes issued | 3,000,000 |
+----+--------------------------------------------------------------------+-----------+
| | Equity component | (303,441) |
| | | |
+----+--------------------------------------------------------------------+-----------+
| | Liability component at date of issue | 2,696,559 |
+----+--------------------------------------------------------------------+-----------+
| | Interest charged but not paid | - |
| | | |
+----+--------------------------------------------------------------------+-----------+
| | Liability component at 31 January 2009 | 2,696,559 |
| | | |
+----+--------------------------------------------------------------------+-----------+
| | | |
+----+--------------------------------------------------------------------+-----------+
| | | |
+----+--------------------------------------------------------------------+-----------+
| | |
+----+----------------------------------------------+---------------------+-----------+
WREN HOMES GROUP PLC
NOTES TO THE INTERIM RESULTS
+----+---------------------+----+----+----+----+----+----+--------+----+----+----+----+-------+
| 8. | Operating lease arrangements |
| | |
+----+----------------------------------------------------------------------------------------+
| | The group as a lessee | | | | | |
| | | | | | | |
+----+--------------------------+---------+---------+-------------+---------+-----------------+
| | The total of future minimum lease payments under non cancelable operating leases |
| | are as follows: |
+----+----------------------------------------------------------------------------------------+
| | | Land and Building | Other |
+----+---------------------+-----------------------------+------------------------------------+
| | | 31 | 31 | 31 | 31 | 31 | 31 |
| | | January | January | July | January2009 | January2008 | July |
| | | 2009 | 2008 | 2008 | | | 2008 |
+----+---------------------+---------+---------+---------+-------------+--------------+-------+
| | Expiry Date : | GBP | GBP | GBP | GBP | GBP | GBP |
+----+---------------------+---------+---------+---------+-------------+--------------+-------+
| | In the second to | | | | | | |
| | fifth years | 86,318 | 116,135 | 102,338 | 2,380 | 4,145 | 2,380 |
| | inclusive | | | | | | |
+----+---------------------+---------+---------+---------+-------------+--------------+-------+
| | | | | | | | |
| | | | | | | | |
+----+---------------------+---------+---------+---------+-------------+--------------+-------+
| | Operating lease payments in respect of land and building represents rentals |
| | payable by the group for its registered office. The lease expires on 15 October |
| | 2011. |
| | |
| | Other operating lease payments represent rentals payable by the group for office |
| | equipment. Leases are negotiated for an average term of 5 years and rentals are |
| | fixed for an average of 5 years. |
| | |
| | The group as a lessor |
| | |
| | Property rental income earned during the period was GBP32,494 (31 January 2008 |
| | GBP7,245 31 July 2008 GBP10,992). The properties held by the group are expected |
| | to generate rental yields of 4.38% on an ongoing basis. The group only held one |
| | investment property at the balance sheet date. This property has a committed |
| | tenant until April 2009, generating future operating lease income of GBP7,000. |
| | |
+----+----------------------------------------------------------------------------------------+
| 9. | Transactions with Directors | | | | | |
+----+-------------------------------+---------+---------+-------------+---------+------------+
| | | | | | | |
+----+-------------------------------+---------+---------+-------------+---------+------------+
| | During the period GBP15,000 (31 January 2008 GBP20,000, 31 July 2008 GBP30,000) |
| | was paid to Self & Co (of which P Self is the sole proprietor) for the provision |
| | of accountancy services. |
| | |
| | During the period GBP6,000 (31 January 2008 GBP5,000 31 July 2008 GBP12,000) was |
| | paid to B Nathan for his services as a non-executive director. |
| | |
| | On 3 November 2008 P Treadaway converted his loan to the Company of GBP55,000 |
| | into 500,000 ordinary shares of 10p each at an issue price of 11p |
| | |
| | On 7 August 2008 certain directors were granted the following share options: |
+----+----------------------------------------------------------------------------------------+
| | | | | | | | |
+----+---------------------+---------+---------+---------+-------------+---------+------------+
| | B Nathan | | | | 100,000 | |
+----+---------------------+---------+---------+---------+-----------------------+------------+
| | P Treadaway | | | | 762,238 | |
+----+---------------------+---------+---------+---------+-----------------------+------------+
| | J Butterfield | | | | 1,320,000 | |
+----+---------------------+---------+---------+---------+-----------------------+------------+
| | P Self | | | | 500,000 | |
+----+---------------------+---------+---------+---------+-----------------------+------------+
| | | | | | | | |
+----+---------------------+---------+---------+---------+-------------+---------+------------+
| | Details of the terms of the options are shown under note 10. |
+----+---------------------+----+----+----+----+----+----+--------+----+----+----+----+-------+
WREN HOMES GROUP PLC
NOTES TO THE INTERIM RESULTS
+-----+----------------------------------+----------+------+------+------+-------------+
| 10. | Share based payments |
| | Equity-settled share option plans |
| | |
| | The group offers vested share options, without payment, to senior employees. |
| | On 10 July 2008 the first such share options were granted to 3 employees, to |
| | subscribe for a total of 450,000 shares at a price of 16p. The options are |
| | exercisable between 10 July 2011 and 10 July 2018. |
| | |
+-----+--------------------------------------------------------------------------------+
| | On 7 August 2008 further options were granted to 4 directors and 3 employees, |
| | to subscribe for a further 3,732,238 shares at a price of 15p. The options |
| | are exercisable between 7 August 2011 and 7 August 2018. |
| | |
| | The fair values of the options granted under the share option scheme and |
| | expected to vest have been calculated using the Black-Scholes option pricing |
| | model. The following inputs were used in the calculation: |
+-----+--------------------------------------------------------------------------------+
| | | | 10 July | 7 August 2008 |
| | | | 2008 | |
+-----+----------------------------------+----------+-------------+--------------------+
| | | | | |
+-----+----------------------------------+----------+-------------+--------------------+
| | Share price at date of grant | | 16p | 11.5p |
+-----+----------------------------------+----------+-------------+--------------------+
| | Expected volatility | | 53.54 % | 53.54% |
+-----+----------------------------------+----------+-------------+--------------------+
| | Expected life | | 3 years | 3 years |
+-----+----------------------------------+----------+-------------+--------------------+
| | Risk free rate | | 4 % | 4 % |
+-----+----------------------------------+----------+-------------+--------------------+
| | | | | |
+-----+----------------------------------+----------+-------------+--------------------+
| | Expected volatility was based on flotation on Plus Markets (formally OFEX) in |
| | November 2001 to the date of the grant. |
| | |
| | The option outstanding at 31 July 2008 had a weighted average remaining |
| | contractual life of 10 years (time until options expire). |
+-----+--------------------------------------------------------------------------------+
| | | | | |
+-----+----------------------------------+-----------------+-------------+-------------+
| | The group recognized total expenses of GBP41,777 (2008: GBP623) in respect of |
| | the fair value of these options. |
| | |
+-----+--------------------------------------------------------------------------------+
| 11. | Cash flow statement | | | |
+-----+----------------------------------+-----------------+-------------+-------------+
| | | | | |
+-----+----------------------------------+-----------------+-------------+-------------+
| | Reconciliation of operating profit to operating | | |
| | cash flow | | |
+-----+----------------------------------------------------+-------------+-------------+
| | | | | |
+-----+----------------------------------+-----------------+-------------+-------------+
| | | 31 Jan 2009 | 31 Jan 2008 | 31 July |
| | | | | 2008 |
+-----+----------------------------------+-----------------+-------------+-------------+
| | | GBP | GBP | GBP |
+-----+----------------------------------+-----------------+-------------+-------------+
| | | | | |
+-----+----------------------------------+-----------------+-------------+-------------+
| | (Loss)/profit from operations | (583,056) | (457,045) | (1,245,726) |
+-----+----------------------------------+-----------------+-------------+-------------+
| | Depreciation of tangible assets | 21,807 | 11,305 | 34,465 |
+-----+----------------------------------+-----------------+-------------+-------------+
| | Revaluation of investment | - | - | 10,000 |
| | property | | | |
+-----+----------------------------------+-----------------+-------------+-------------+
| | (Increase)/decrease in work in | (142,559) | (4,361,984) | (4,496,589) |
| | progress | | | |
+-----+----------------------------------+-----------------+-------------+-------------+
| | (Increase)/decrease in | (416,841) | 1,014,498 | 1,294,055 |
| | receivables | | | |
+-----+----------------------------------+-----------------+-------------+-------------+
| | (Decrease)/increase in payables | (338,316) | 70,677 | 269,099 |
+-----+----------------------------------+-----------------+-------------+-------------+
| | | | | |
| | | | | |
+-----+----------------------------------+-----------------+-------------+-------------+
| | | | | |
| | Net cash (outflow) from | (1,458,965) | (3,722,549) | (4,134,696) |
| | operating activities | | | |
+-----+----------------------------------+-----------------+-------------+-------------+
| | Income tax paid | - | (516,575) | (525,029) |
| | | | | |
+-----+----------------------------------+-----------------+-------------+-------------+
| | Cash flows from operating | (1,458,965) | (4,239,124) | (4,659,725) |
| | activities | | | |
+-----+----------------------------------+----------+------+------+------+-------------+
WREN HOMES GROUP PLC
NOTES TO THE INTERIM RESULTS
+-----+---------------------+--------+--------+--------+--------+--------+---------+
| 12. | Availability |
+-----+----------------------------------------------------------------------------+
| | | | | | | | |
+-----+---------------------+--------+--------+--------+--------+--------+---------+
| | Copies of the interim results will be sent to all shareholders and will |
| | also be available at the registered office of the Company, Suite 4, Oaks |
| | House, 12-22 West Street, Epsom, KT18 7RG and at the Company's website: |
| | www.wrenhomesplc.co.uk. |
| | |
+-----+---------------------+--------+--------+--------+--------+--------+---------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BBLFXKZBLBBB
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