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The Directors are evaluating other such proposals and believe that this new strategy will provide a substantial revenue stream to the Company and will re-build shareholders' funds. RESULTS Our residential development in Wellingborough generated gross rental income of GBP147,000 (2012: GBP149,000) and, after associated operating costs, resulted in net rental income of GBP113,000 (2012: GBP117,000). GBP100,000 of the impairment provision made in previous years against the value of the Wellingborough properties has been reversed during the year due to the market value of the portfolio increasing. In addition, the Group wrote off GBP17,000 (2012: GBP116,000) invested in the production of the high powered motor. Administrative expenses reduced to GBP73,000 (2012: GBP84,000) and after finance costs of GBP102,000 (2012: GBP 100,000) the profit before and after taxation was GBP36,000 (2012: loss of GBP 171,000) resulting in earnings per share of 0.08p (2012: loss of 0.39p). The Group's net assets have increased to GBP205,000 (2012: GBP169,000) representing net asset value per share of 0.47p (2012: 0.39p). Net asset value per share is calculated by dividing the net assets of the Group by the number of ordinary shares in existence at the balance sheet date. The Directors do not recommend the payment of a dividend. The Group's largest shareholder, Stephen Wicks, has agreed to provide further financial support to the Group for the foreseeable future, if required. As at the year end there were no loans due to Mr Wicks. OPERATIONS Our investment portfolio of 20 freehold houses in Wellingborough, Northamptonshire remains fully let and in the current financial year the Group has experienced an increase of approximately 5% in gross rents being achieved. The properties are continuing to be let on short term tenancies and during the year they were reclassified as investment property within non-current assets in the Statement of Financial Position. The Group continues to hold an investment in EiRx Therapeutics plc which has been previously fully provided against. OUTLOOK As set out above, the provision of development funding for experienced, undercapitalised housebuilders on prime sites, should enable the Group to create a substantial profit stream over the coming period and I therefore believe that the prospects for the Group are beginning to look positive. Bill Weston GROUP STRATEGIC REPORT Results and performance The results of the group for the year show a profit on ordinary activities before and after taxation of GBP36,000 (2012: loss of GBP171,000). The shareholders' funds for the Group total GBP205,000 (2012: GBP169,000). The Directors do not recommend the payment of a dividend for the year ended 31 December 2013. The performance of the Group during 2013 was similar to that of 2012, with almost 100% occupancy on the rent