Wt Rene Etf Regulatory News (WREN)

4 Oct 2007 15:34

Wren Homes Group PLC04 October 2007 4 October 2007 Wren Homes Group plc ("Wren" or "the Company") (WHG/L) Trading Update Wren Homes Group Plc ("Wren"), the AIM Listed developer of retirement and "extracare" homes, today announces its trading update for the year ended 31st of July2007. The Company's preliminary announcement of its final results will beannounced in December 2007. Wren anticipates that its profit before tax for the year ended 31st of July 2007will be materially below market expectations but not less than £700,000. The reduction in expected results is due almost entirely to the last momentcancellation of the sale of an entire block of flats for £2.3 million.Negotiations for the sale of this property continue with various interestedparties and its sale, either as a whole or through the sale of individual flats,is now expected to fall into the current year. On a more positive front, the Directors report that the Company now holdsplanning consents on a total of 128 units, representing a 42% increase over thelevel reported at the Interim Results stage on 30 March 2007. Similarly thenumber of units Wren has in planning is now around 500; an increase from 300 atthe Interim Results stage. Additionally, sales at Wren's Warlingham developmentcontinue to be satisfactory. In summary, and despite this timing shortfall for the year ended 31st of July2007 and the likely levelling out of the residential property market over thenext twelve months or so, the Directors remain confident for the future. The Board believes that the sales which failed to materialise during the yearended 31st of July 2007 will be carried forward and will complete in the currentyear and that this, together with further opportunities which will be created bythe Group, will leave Wren well placed going forward. ENDS Enquiries Wren Homes Group plcPaul Treadaway, Managing Director Tel: 01372 742 244www.wrenhomesplc.co.uk JM FinnLeslie Kent (Sales) Tel: 0207 628 9688Matthew Robinson/Charles Cunningham(Corporate Finance) Adventis Financial PRTarquin Edwards Tel: 020 7034 4758 / 07879 458 364Chris Steele Tel: 020 7034 4759 / 07979 604 687 This information is provided by RNS The company news service from the London Stock Exchange