Walls & Futures REIT plc 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 (31 March 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 (to 31 March 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 CURRET LIABILITIES  

3,104,354

 

2,234,469

PROVISION FOR LIABILITIES  

 

         
NET ASSETS  

3,104,353

 

2,234,469

         
CAPITAL AND RESERVES        
Called up share captial  

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

 

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