Walls & Futures REIT - Half-year Report London Stock Exchange
RNS Number : 5443V
Walls & Futures REIT PLC
03 November 2017
 

 

Walls & Futures REIT plc

(Epic:    WAFR)

Half Year Results

for the period to 30 September 2017

 

Walls & Futures REIT plc ("WAFR"), the Real Estate Investment Trust and Social Stock Exchange member investing in UK residential property, focusing on the Supported housing sector, is pleased to announce its Interim results for the six months to 30th September 2017.

 

Financial Highlights:

·     Net Asset Value ("NAV") improved to £3,104,354 (30 September 2016 - £2,234,469)

·     NAV per share improved by 4.4% over the 6 month period to 94p per share;

·     Net Profit for the period of £127,384 (30 September 2016 - loss of £29,162);

 

Operational Highlights

·     Delivered first Supported housing project to budget and on time;

·     Joined the Social Stock Exchange;

·     Developed healthy pipeline of projects for delivery

 

Joe McTaggart commented:

 

"We have had an active six months implementing our strategy of focusing on the UK Supported Housing Sector successfully delivering our first project which has been let on a 25-year full repairing and insuring lease with rents adjusted in line with inflation ('CPI') to a major charity. We have also actively engaged with local authorities and, with an understanding of their unique requirements, are working with our strategic partners to develop tailored supported housing within a sustainable funding framework.

 

Our aim is to start delivery of this pipeline of projects in early 2018, which will create much needed homes for some of the most vulnerable in society and add to our portfolio of high yielding residential properties, and deliver secure long-term income.

 

To support our growth plans we will be seeking to raise further capital shortly."

 

 

Consolidated Income Statement 

For The Period 18th March 2016 to 30th September 2016


6 Months to

30 September 2017

18 March 2016 to

30 September 2016



£


£

RENT RECEIVED

32,726

22,713

INCREASE IN PROPERTY VALUES

203,333

-

Gross Profit

236,059

22,713




Administrative Expenses

(108,675)

(51,894)


____________

____________

OPERATING PROFIT/(LOSS)

127,384

(29,181)

Interest receivable and similar income

-

19


____________

____________

PROFIT/(LOSS) BEFORE TAXATION

127,384

(29,162)

Taxation

-

-


____________

____________

PROFIT/(LOSS) FOR THE FINANCIAL PERIOD

127,384

(29,162)

 

 

Consolidated Balance Sheet

30th September 2016




30 September 2017

30 September 2016



£


£ 

£


£

FIXED ASSETS





Investment Property


2,873,109


2,180,000






CURRENT ASSETS





Cash at Bank

237,194


56,078


Debtors and Prepayments

6,863


-



244,057


56,078


CREDITORS





Amounts falling due within one year

(12,812)


(1,609)


NET CURRENT ASSETS


231,245


54,469

TOTAL ASSETS LESS CURRENT LIABILITIES


3,104,354


2,234,469

PROVISION FOR LIABILITIES


                  -


                  -

 

NET ASSETS


 

3,104,353


 

2,234,469






CAPITAL AND RESERVES





Called up share capital


164,511


113,261

Share Premium


3,125,714


2,151,964

Retained Earnings


 (185,871)


   (30,756)



3,104,354


2,234,469








 

The above figures have not been reviewed by the Company's auditors.

The directors of the issuer accept responsibility for the contents of this announcement

For further information please contact:

 

 

WALLS & FUTURES REIT plc

 

Joe McTaggart

0333 700 7171

joe@wallsandfutures.com

Walls & Futures REIT plc

3rd Floor

111 Buckingham Palace Road

London

SW1W 0SR


 

www.wallsandfutures.com


 

CITY & MERCHANT

 

David Papworth

0207 101 7676

info@cityandmerchant.com

City & Merchant

Level 17 Dashwood House

69 Old Broad Street

London

EC2M 1RX


 

 

Note to Editors:

 

Walls & Futures REIT plc is a Real Estate Investment Trust ("REIT") investing in residential property, across the UK focusing on the supported housing sector.

 

Our customers and strategic partners include local authorities, NHS trusts, housing associations, charities and care providers. We provide tailored housing solutions that encompass funding, design, project management and development.

 

Our target is to deliver a long-term annual net return of 7-9% of which 3-4% will be paid in the form of a dividend.

 

We are quoted on the NEX Exchange Growth Market and are members of the Social Stock Exchange.


This information is provided by RNS
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