THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
31 December 2021
WALLS & FUTURES REIT PLC
(“Walls & Futures” or the “Company”)
Half Year Results for the period to 30 September 2021 & Directorate Change
Walls & Futures REIT plc (“WAFR”) the Ethical Housing Investor and developer, is pleased to announce its unaudited interim results for the six months to 30 September 2021.
Highlights
- Net Asset Value (NAV) down 5.8% to 96p per share (Mar 2021 102p per share)
- 100% of Specialist Supported Housing rents collected
- Loss of £200,677
Chief Executive’s Statement
While the defence of the unsolicited offer from Virgata Services was successful, the direct cost has led to charge of approximately £169,000, approximately 85% of the loss for the period.
Despite the ongoing economic challenges affecting the property market by Covid-19, 100% of our Specialist Supported Housing rents have been collected.
Post the 30 September 2021, we have successfully disposed of our final Private Rental Sector (PRS) property for £662,500 reflecting a premium of 1.9% to its valuation as dated 31 March 2021. The proceeds will be invested into further Specialist Supported Housing projects.
We are reviewing several Specialist Supported Housing investment opportunities, and are confident that future projects will, like our existing projects in the sector, make a significant positive impact on both our net asset value and revenue.
The design work on our bespoke home for autism is now complete and we are finalising the marketing materials to launch in the New Year.
We also announce David White will step down from the board as of the 31 December 2021 to focus on other business interests. We thank him for his efforts and wish him all the best in his new endeavours.
We are delighted to welcome Keisha Robinson to the board as of the 1 January 2022. Keisha brings a broad range of complementary skills to the board which will be of great importance as we roll out our bespoke home for autism. Further information regarding Kiesha’s appointment are set out below following the half-yearly financial statements
Joe McTaggart
Chief Executive
Consolidated Income Statement
For the Six-Month Period to 30 September 2021
|
|
6 Months to 30 September |
6 Months to 30 September 2020 |
Year ended 31 March 2021 |
||
|
|
|
£ |
|
£ |
£ |
|
Rent received |
65,063 |
79,023 |
148,420 |
||
|
Cost of sales |
(1,334) |
(31,409) |
(40,106) |
||
|
Increase in property values |
35,000 |
– |
(35,000) |
||
|
Other Income |
28 |
27,617 |
(21,861) |
||
|
Gross Profit |
98,757 |
75,231 |
51,453 |
||
|
|
|
|
|
||
|
Administrative Expenses |
*(299,145) |
(121,630) |
(258,654) |
||
|
Depreciation |
– |
(316) |
(631) |
||
|
____________ |
____________ |
____________ |
|||
|
OPERATING PROFIT/(LOSS) |
(200,388) |
(46,715) |
(207,805) |
||
|
Interest receivable and similar income |
– |
– |
27 |
||
|
Interest payable |
(289) |
(5,578) |
(6,6364) |
||
|
____________ |
____________ |
____________ |
|||
|
PROFIT/(LOSS) BEFORE TAXATION |
(200,677) |
(52,293) |
(214,169) |
||
|
Taxation |
– |
– |
– |
||
|
|
|
|
|
||
|
Loss on disposal of fixed assets & depreciation |
– |
(19,000) |
– |
||
|
____________ |
____________ |
____________ |
|||
|
PROFIT/(LOSS) FOR THE FINANCIAL PERIOD |
(200,677) |
(71,293) |
(214,169) |
||
|
|
|
|
|
||
|
Other comprehensive income |
– |
176,118 |
– |
||
|
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
(200,677) |
104,825 |
(214,169) |
||
*Includes approx. £169,000 of the Exceptional Expenses directly related to the defense of the Virgata Services unsolicited offer
Consolidated Balance Sheet
30 September 2021
|
|
30 September 2021 |
30 September 2020 |
31 March 2021 |
||||||
|
|
£ |
£ |
£ |
£ |
£ |
£ |
|
||
|
|
|
|
|
|
|
|
|
||
|
FIXED ASSETS |
|
|
|
|
|
|
|
||
|
Investment Property |
|
3,250,000 |
|
3,950,316 |
|
3,215,000 |
|
||
|
|
|
|
|
|
|
|
|
||
|
CURRENT ASSETS |
|
|
|
|
|
|
|
||
|
Cash at Bank |
412,472 |
|
40,313 |
|
651,357 |
|
|
||
|
Debtors and Prepayments |
5,268 |
|
6,934 |
|
3,421 |
|
|
||
|
|
|
|
|
|
|
|
|
||
|
CREDITORS |
|
|
|
|
|
|
|
||
|
Amounts falling due within one year |
(26,917) |
|
(5,189) |
|
(25,281) |
|
|
||
|
|
|
|
|
|
|
|
|
||
|
NET CURRENT ASSETS |
|
390,823 |
|
42,058 |
|
629,497 |
|
||
|
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
3,640,823 |
|
3,992,374 |
|
3,844,497 |
|
||
|
|
|
|
|
|
|
|
|
||
|
Provision for Liabilities |
|
– |
|
– |
|
– |
|
||
|
|
|
|
|
|
|
|
|
||
|
Amounts falling due over one year |
|
(22,004) |
|
(30,000) |
|
(25,000) |
|
||
|
|
|
|
|
|
|
|
|
||
|
NET ASSETS |
|
3,618,819 |
|
3,962,374 |
|
3,819,497 |
|
||
|
|
|
|
|
|
|
|
|
||
|
CAPITAL AND RESERVES |
|
|
|
|
|
|
|
||
|
Called up share capital |
|
187,754 |
|
187,754 |
|
187,754 |
|
||
|
Share Premium |
|
3,505,154 |
|
3,505,154 |
|
3,505,154 |
|
||
|
Fair Value Reserve |
|
1,223,519 |
|
934,900 |
|
1,188,519 |
|
||
|
Retained Earnings |
|
(1,297,608) |
|
(665,434) |
|
(1, 061,930) |
|
||
|
|
|
3,618,819 |
|
3,962,374 |
|
3,819,497) |
|
||
|
|
|
|
|
|
|
|
|
||
Consolidated Cash Flows
For the Six-Month Period to 30 September 2021
|
|
30 September 2021 |
30 September 2020 |
31 March 2021 |
|
|
£ |
£ |
£ |
|
Cash flows from operating activities |
|
|
|
|
Cash generated from operations |
(237,126) |
(62,967) |
(110,612) |
|
Interest paid |
(250) |
(5,514) |
(6,364) |
|
Net cash from operating activities |
(237,376) |
(68,481) |
(116,976) |
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Purchase of investment property |
– |
– |
– |
|
Sale of tangible fixed assets |
– |
(19,000) |
– |
|
Sale of fixed asset investments |
– |
19,000 |
– |
|
Sale of investment property |
– |
655,999 |
1,316,000 |
|
Interest received |
– |
– |
27 |
|
Net cash from investing activities |
– |
655,999 |
1,316,027 |
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
New loans in year |
– |
– |
30,000 |
|
Loan repayments in year |
(1,997) |
(570,000) |
(600,000) |
|
Share issue |
– |
– |
– |
|
Share buyback |
– |
– |
– |
|
Net cash from financing activities |
(1,997) |
(570,000) |
(570,000) |
|
|
|
|
|
|
Increase/(decrease) in cash and cash equivalents |
(239,373) |
17,518 |
629,051 |
|
Cash and cash equivalents at beginning of period |
651,357 |
22,306 |
22,306 |
|
Cash and cash equivalents at end of period |
411,984 |
39,824 |
651,357 |
The above figures have not been reviewed by the Company’s auditors.
Appointment of Director
The Company is pleased to announce the appointment with effect from 1 January 2022 of Ms Kiesha Robinson as an Independent Non-Executive Director of the Company. Ms Robinson will also be appointed Company Secretary after a handover period with the incumbent.
Ms Robinson is an experienced legal and company secretarial practitioner who has spent the last decade working within the inhouse legal teams of Vitol, Reckitt Benckiser, Bank of America Merrill Lynch and Hearst Magazines. She is currently a Non-Executive Director and Company Secretary of AQSE-quoted SulNox Group plc, a hydrocarbon fuel emulsification specialist focussed on emissions reduction and fuel savings.
The Directors of the issuer accept responsibility for the contents of this announcement.
For further information, contact:
Walls & Futures REIT PLC
Joe McTaggart, Chief Executive
0333 700 7171
Website www.wallsandfutures.com
Allenby Capital Limited (Corporate Adviser)
Nick Harriss/James Reeve
020 3328 5656
Disclosure of Information Required Under Rule 4.9 of the AQSE Growth Market Access Rulebook
Kiesha Mae Robinson
Age 34
Ordinary Shares held – Nil
Current Directorships
SulNOx Group plc
Noy Consulting Limited
Former Directorships
Luxury Cleaning Services Limited