(Alliance News) - Ashley House PLC on Friday said it will now likely post a loss for the year ended June 30 after three properties in Morgan Ashley scheme did not reach financial closure in time.
The health and social care property company said the profit from the joint venture with construction group Morgan Sindall Group PLC, will now show in 12 months. The delayed contracts, however, are expected to give the firm a "strong start" to 2020 financial year.
Of the three schemes in the Morgan Ashley development, Ashley House say one is agreed but "awaiting signature from the parties" and the other two, which will be completed in one transaction, are near financial close.
The company, which recently changed its financial year to June 30 from April 30, posted pretax profit of GBP1.8 million and revenue of GBP18.6 million for the year to April 30, 2018. The company initially did not expect to record a loss for 2019 financial.
Shares in Ashley House were up 1% at 8.33 pence in London on Friday morning.