DJ Walls & Futures REIT PLC: Results for the 6 months to 30 September 2024
Walls & Futures REIT PLC (WAFR)
Walls & Futures REIT PLC: Results for the 6 months to 30 September 2024
31-Dec-2024 / 07:00 GMT/BST
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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.
31 December 2024
WALLS & FUTURES REIT PLC
("Walls & Futures" or the "Company")
Half Year Results for the period to 30 September 2024
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 2024.
Highlights
-- Net Asset Value (NAV) unchanged at 85p per share (31 March 2024 - 85p per share)
-- Property assets increased by 2% (GBP40,000)
-- Profit of GBP8,590 (30 September 2023 - Profit of GBP45,508)
-- 100% of Specialist Supported Housing rents collected
Chief Executive's Statement
"Despite the challenging economic environment characterised by stagnant economic growth and pervasive pessimism, our
real estate portfolio continues to demonstrate robust performance. We are pleased to report a 100% rent collection
rate, underscoring the enduring resilience of our tenant base and the quality of our assets.
Our focus on generating long-term, indexed income from high-quality social infrastructure assets has garnered interest
from potential investors. We believe that the opportune moment has arrived with the new government's ambitious target
to construct 1.5 million new homes over the next five years. A substantial portion of these developments will be social
and affordable housing, and the government is implementing policy changes in order to unlock the private capital
necessary to address the housing crisis.
We had anticipated that the Bank of England's decision to reduce interest rates would inject optimism into the UK real
estate market, which combined with the imperative to secure more lucrative returns, would enable us to raise fresh
equity sooner. However, the shadow of escalating inflation and growing uncertainty, including over the speed of further
Base Rate reductions, has slowed our progress.
On the operational front, we acknowledge the escalating costs associated with being a publicly traded company,
particularly in areas of regulation and audit. The Quoted Companies Alliance reported that the average percentage
change in audit fees across all markets between 2017/18 and 2022/23 was 127%, with Aquis companies experiencing the
lowest average increase of 97%. Given our current size, these increases have had a disproportionate impact on our
operations.
Our share price continues to be negatively impacted by the lack of liquidity. Several sales conducted in 2024 resulted
in a significant decline in price, leading to a substantial discount between the share price and our Net Asset Value.
We have engaged in discussions with the Exchange and our Corporate Adviser to explore potential solutions for
addressing this long-term liquidity challenge.
While the opportunities that lie ahead are substantial and promising, we are reviewing our options to safeguard
shareholder value and proactively address the evolving needs of our shareholders."
Joe McTaggart
Chief Executive
Consolidated Income Statement
For the Six-Month Period to 30 September 2024
6 Months to Year ended
6 Months to
30 September 31 March
2024 30 September 2023
2024
GBP GBP GBP
64,904 62,407 128,917
Rent received
Cost of sales - - -
Gross Profit 64,904 62,407 128,917
Increase in property values 40,000 60,000 60,000
Other Income - 3,569 -
Administrative Expenses
(101,127) (79,485) (239,077)
Depreciation - - -
____________ ____________ ____________
OPERATING PROFIT/(LOSS) 3,777 46,491 (50,160)
Exceptional item - - -
Interest receivable and similar income 4,961 - 8,652
Interest payable (148) (305) (409)
____________ ____________ ____________
PROFIT/(LOSS) BEFORE TAXATION 8,590 46,186 (41,917)
Taxation - 678 2,163
Loss on disposal of fixed assets & depreciation - - -
____________ ____________ ____________
PROFIT/(LOSS) FOR THE FINANCIAL PERIOD 8,590 45,508 (44,080)
Other comprehensive income - - -
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 8,590 45,508 (44,080)
Consolidated Balance Sheet
30 September 2022
30 September 2024 30 September 2023 31 March 2024
GBP GBP GBP GBP GBP GBP
FIXED ASSETS
Investment Property 2,600,000 2,560,000 2,560,000
Investments 1 1 1
CURRENT ASSETS
Cash at Bank 624,153 753,335 691,367
Debtors and Prepayments 6,581 5,642 3,534
CREDITORS
Amounts falling due within one year (38,799) (39,062) (67,556)
NET CURRENT ASSETS 591,935 737,425 627,345
TOTAL ASSETS LESS CURRENT LIABILITIES 3,191,936 3,237,426 3,187,346
Provision for Liabilities - - -
Amounts falling due over one year (3,000) (10,000) (7,000)
NET ASSETS 3,188,936 3,269,936 3,180,346
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 1,226,019 1,226,019 1,226,019
Retained Earnings (1,769,991) (1,648,992) (1,738,581)
3,188,936 3,269,936 3,180,346
Consolidated Cash Flows
For the Six-Month Period to 30 September 2024
30 September 30 September 31 March
2024 2023 2024
GBP GBP GBP
Cash flows from operating activities
Cash generated from operations (69,027) (3,516) (67,400)
Interest paid (148) (224) (409)
Tax paid - - -
Net cash from operating activities (69,175) (3,740) (67,809)
Cash flows from investing activities
Purchase of investment property - - -
Sale of tangible fixed assets - - -
Sale of fixed asset investments - - -
Sale of investment property - - -
Development costs recognized in c/year - - -
Interest received 4,961 3,569 8,652
Net cash from investing activities 4,961 5,569 (6,000)
Cash flows from financing activities
New loans in year - - -
Loan repayments in year (3,000) (3,000) (6,000)
Share issue - - -
Share buyback - - -
Net cash from financing activities (3,000) (3,000) (6,000)
Increase/(decrease) in cash and cash equivalents (67,214) (3,171) (65,157)
Cash and cash equivalents at beginning of period 691,367 756,524 756,524
Cash and cash equivalents at end of period 624,153 753,353 691,367
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
----------------------------------------------------------------------------------------------------------------------- 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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ISIN: GB00BD04QG09 Category Code: IR TIDM: WAFR LEI Code: 213800CJV93R1FPNT553 Sequence No.: 367738 EQS News ID: 2059277 End of Announcement EQS News Service =------------------------------------------------------------------------------------
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