ASH.L Regulatory News (ASH)

16 Nov 2009 12:48



16 November 2009

Interim Results date and trading update

Ashley House plc, the Primary Care Infrastructure specialist, announces that it will publish its interim results for the six month period ended Oct 31 2009 on 26 January 2010.

Results for the first half of the financial year so far have been in line with expectations with 

revenues and profit significantly ahead of the same period last year. 

The Company's pipeline of schemes from which we expect to recognise revenues in the coming 2 years has remained robust and stands at £237m (July 2009: £245m).

More recently another NHS LIFT scheme reached financial close in the Midlands and is now under construction. A further three NHS LIFT projects in East London are anticipated to reach financial close before Christmas with construction commencing shortly thereafter. Construction on a further two 3rd party developer projects acquired by AH Medical Properties, is also due to start soon. The total design and build value of these six new schemes is £26m which should underpin much of the anticipated growth in revenue for the second half of the financial year.

Commenting on trading, Chief Executive Jonathan Holmes stated: "These are difficult times for the NHS with uncertainty as to the level of savings required and its effect on their future plans. Whilst thus far three relatively small schemes have been delayed by lack of certainty over funding for one particular PCT, our focus has been to work on schemes central to PCT plans which will help shift care from the secondary to the primary and community sector and achieve the resulting efficiencies."

Ashley House has a long history of delivering innovative value for money solutions to the NHS. The Board believes that with PCTs seeking real efficiencies in all areas of operations the Company is well positioned to help the NHS renew the infrastructure that will allow the shift in care from hospitals to community settings. In this regard the Company is discussing with a number of Trusts the provision of a whole estate management service, providing a new and potentially valuable additional business stream to complement and support the Company's core offering. The Board remains positive about the medium term outlook. 

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