LONDON (Alliance News) - Ashley House PLC on Thursday said its interim revenue almost halved due to different accounting methods, while it has warned on full year profit.
Ashley House shares were trading down 15% at 11.70 pence each on Thursday.
For the six months to October 31, the health and community care property partner posted revenue of GBP4.8 million from GBP7.0 million a year prior, as contributions from Morgan Ashley are now included as shares from joint ventures rather than revenue.
The firm's pretax loss remained broadly flat at GBP1.7 million.
Furthermore, the company expects profitability to be "below current market expectations for the full financial year".
"Whilst, as last year, a loss has been reported for the first six months of the financial period, also as last year it is expected this will be more than covered in the second part of the period. The foundations have been laid for the next few months to deliver further scheme closures and enable the construction of some much needed accommodation for elderly people, to commence on site," Ashley House said.
