DJ Walls & Futures REIT PLC: Half Year Results for the period to 30 September 2022
Walls & Futures REIT PLC (WAFR) Walls & Futures REIT PLC: Half Year Results for the period to 30 September 2022 30-Dec-2022 / 07:00 GMT/BST Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
30 December 2022
WALLS & FUTURES REIT PLC
("Walls & Futures" or the "Company")
Half Year Results for the period to 30 September 2022
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 2022.
Highlights
-- Net Asset Value (NAV) down 0.5% to 97.5p per share (31 March 2022 - 98p per share)
-- 100% of Specialist Supported Housing rents collected
-- Loss of GBP36,749
-- Welcome new strategic investor, Vengrove
Chief Executive's Statement
Pax Homes have been well received in the market and we are in active discussions with a number of local authorities, charities and housing associations to build out the first developments in Dorset, Kent and Norfolk.
The last three months of the year has seen an increase in borrowing costs and a softening in the residential property market. However, this has had the effect of bringing more suitable sites to the market which will enable us to engage with new local authorities and partners in Yorkshire, Midlands and East of England.
During 2022 we have had discussions with a number of investors who we could work in concert with to support the growth of the company. We were delighted to announce on the 23 December 2022 that Vengrove, a real estate investment and advisory firm had acquired 250,000 ordinary shares (approx. 6.66%) in the Company.
We look forward to working with them in 2023 and will be writing to shareholders early next year to outline our plans.
Joe McTaggart
Chief Executive
Consolidated Income Statement
For the Six-Month Period to 30 September 2022
6 Months to Year ended
6 Months to
30 September 31 March
2022 30 September 2021
2022
GBP GBP GBP
57,699 65,063 93,455
Rent received
Cost of sales - (1,334) (1,549)
Gross Profit 57,699 63,729 91,906
Increase in property values - 35,000 185,000
Other Income 332 28 12,500
Administrative Expenses
(94,334) (130,351) (242,474)
Depreciation - - -
____________ ____________ ____________
OPERATING PROFIT/(LOSS) (36,303) (31,594) (46,932)
Exceptional item - (168,794) (168,794)
Interest receivable and similar income - - 61
Interest payable (383) (289) (478)
____________ ____________ ____________
PROFIT/(LOSS) BEFORE TAXATION (36,686) (200,677) (122,279)
Taxation 63 - 17
Loss on disposal of fixed assets & depreciation - - -
____________ ____________ ____________
PROFIT/(LOSS) FOR THE FINANCIAL PERIOD (36,749) (200,677) (122,296)
Other comprehensive income - - -
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (36,749) (200,677) (122,296)
Consolidated Balance Sheet
30 September 2022
30 September 2022 30 September 2021 31 March 2022
GBP GBP GBP GBP GBP GBP
FIXED ASSETS
Investment Property 2,750,000 3,250,000 2,750,000
CURRENT ASSETS
Cash at Bank 829,352 412,472 949,249
Debtors and Prepayments 117,350 5,268 42,107
CREDITORS
Amounts falling due within one year (20,248) (26,917) (25,155)
NET CURRENT ASSETS 926,454 390,823 966,201
TOTAL ASSETS LESS CURRENT LIABILITIES 3,676,454 3,640,823 3,716,201
Provision for Liabilities - - -
Amounts falling due over one year (16,000) (22,004) (19,000)
NET ASSETS 3,660,454 3,618,819 3,697,201
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 1,416,019 1,223,519 1,416,019
Retained Earnings (1,448,473) (1,297,608) (1,411,726)
3,660,454 3,618,819 3,697,201
Consolidated Cash Flows
For the Six-Month Period to 30 September 2022
30 September 30 September 31 March
2022 2021 2022
GBP GBP GBP
Cash flows from operating activities
Cash generated from operations (116,928) (237,126) (359,185)
Interest paid (301) (250) (478)
Tax paid - - (6)
Net cash from operating activities (117,229) (237,376) (359,669)
Cash flows from investing activities
Purchase of investment property - - -
Sale of tangible fixed assets - - -
Sale of fixed asset investments - - 12,500
Sale of investment property - - 650,000
Interest received 332 - 61
Net cash from investing activities 332 - 662,561
Cash flows from financing activities
New loans in year - - -
Loan repayments in year (3,000) (1,997) (5,000)
Share issue - - -
Share buyback - - -
Net cash from financing activities (3,000) (1,997) (5,000)
Increase/(decrease) in cash and cash equivalents (119,897) (239,373) 297,892
Cash and cash equivalents at beginning of period 949,249 651,357 651,357
Cash and cash equivalents at end of period 829,352 411,984 949,249
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, contact:
Walls & Futures REIT PLC 0333 700 7171
Joe McTaggart, Chief Executive
Website www.wallsandfutures.com
Allenby Capital Limited (Corporate Adviser)
Nick Harriss/James Reeve 020 3328 5656
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ISIN: GB00BD04QG09 Category Code: IR TIDM: WAFR LEI Code: 213800CJV93R1FPNT553 Sequence No.: 212157 EQS News ID: 1523833 End of Announcement EQS News Service =------------------------------------------------------------------------------------
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(END) Dow Jones Newswires
December 30, 2022 02:00 ET (07:00 GMT)
