Last checked at 17 Aug 2011 07:00
Warner Estate Holdings PLC (the 'Group')
Interim Management Statement
Business Review:The Group's performance for the period from the beginning of the Group's financial year, 1 April 2011, to date is in line with the preceding six month period with the levels of net rental income (on a like for like basis), management fees and recurring operating profit, before net movements on investments and interest, all being maintained.Refinancing discussions:
Discussions with the Group's lenders continue, as recently reported in the Group's 2011 Report and Accounts, announced on 29 July 2011.
Property:Since publication of the Group's 2011 Report and Accounts, and as announced on 11 August 2011, the Group has disposed of 16 Upper Woburn Place, London. The net proceeds from the disposal will be used to reduce the Group debt by £17.4m.
The Group continues to perform well at an operational level, through protecting income and controlling costs, but it is the outcome of discussions with our lenders that will determine our future.
17 August 2011
-ends-Enquiries:Warner Estate Holdings PLCPhilip Warner, ChairmanMark Keogh, Group Managing DirectorRobert Game, Group Managing Director - Property
Tel: 020-7907-5100Web: www.warnerestate.co.ukCity ProfileJonathan GillenSimon CourtenayTel: 020-7448-3244