Walls & Futures REIT PLC: Half year results for the 6 months to 30 September 2023
Walls Futures REIT PLC (WAFR)
Walls Futures REIT PLC: Half year results for the 6 months to 30 September 2023
22-Dec-2023 / 07:00 GMT/BST
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
22 December 2023
(“Walls Futures” or the “Company”)
Half Year Results for the period to 30 September 2023
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 2023.
Highlights
Net Asset Value (NAV) down 2% to 87p per share (31 March 2023 - 89p per share) Property assets increased by 2.4% (£60,000) Profit of £45,508 (30 September 2022 - Loss of £36,749) 100% of Specialist Supported Housing rents collected
Chief Executive’s Statement
“I am pleased with the overall performance of our property portfolio, with 100% of rents being collected along with a slight increase in value due to inflation-linked rent increases.
The management team have been working with Vengrove to finalise the restructuring process and raise fresh capital. We had hoped to conclude a significant transaction before Christmas. The stabilised, income-producing portfolio with an estimated value of £10m would have increased our scale significantly and enabled us to move quickly to paying a dividend. Unfortunately, the final due diligence process raised issues we could not overcome.
During 2024, we intend to raise an initial £10m, which will be invested into a portfolio of Social Infrastructure Assets to ensure a dividend can be paid. The medium-term plan is to strengthen the existing board of directors in preparation for an institutional fundraise of £200m and a move to the main market.
Our investment strategy will be focused on foundational assets that support the quality of life in regional and local communities. We consider the key pillars to be:
Affordable Housing – Affordable rent shared ownership Education - Children's nurseries, special education needs schools Roadside Transport – EV charging hubs, car parks bus depots Civic, Community Justice – Libraries, community hubs, law courts recycling facilities
Our long-term goal is to grow Social Infrastructure REIT into a £1bn plus market-leading public vehicle providing critical community infrastructure, long-term sustainable inflation-linked income, and strong liquidity with defence cashflow from a diversified tenant base.”
Joe McTaggart
Chief Executive
Consolidated Income Statement
For the Six-Month Period to 30 September 2022
6 Months to
30 September
2023
6 Months to
30 September 2022
Year ended
31 March
2023
£
£
£
Rent received
62,407
57,699
115,398
Cost of sales
-
-
-
Gross Profit
62,407
57,699
115,398
Increase in property values
60,000
-
(250,000)
Other Income
3,569
332
-
Administrative Expenses
(79,485)
(94,334)
(239,033)
Depreciation
-
-
-
____________
____________
____________
OPERATING PROFIT/(LOSS)
46,491
(36,303)
(373,635)
Exceptional item
-
-
-
Interest receivable and similar income
-
-
1,749
Interest payable
(305)
(383)
(558)
____________
____________
____________
PROFIT/(LOSS) BEFORE TAXATION
46,186
(36,686)
(472,443)
Taxation
678
63
332
Loss on disposal of fixed assets depreciation
-
-
-
____________
____________
____________
PROFIT/(LOSS) FOR THE FINANCIAL PERIOD
45,508
(36,749)
(472,775)
Other comprehensive income
-
-
-
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
45,508
(36,749)
(472,775)
Consolidated Balance Sheet
30 September 2022
30 September 2023
30 September 2022
31 March 2023
£
£
£
£
£
£
FIXED ASSETS
Investment Property
2,560,000
2,750,000
2,500,000
Investments
1
-
-
CURRENT ASSETS
Cash at Bank
753,335
829,352
756,524
Debtors and Prepayments
5,642
117,350
13,493
CREDITORS
Amounts falling due within one year
(39,062)
(20,248)
(31,592)
NET CURRENT ASSETS
737,425
926,454
737,425
TOTAL ASSETS LESS CURRENT LIABILITIES
3,237,426
3,676,454
3,237,426
Provision for Liabilities
-
-
-
Amounts falling due over one year
(10,000)
(16,000)
(13,000)
NET ASSETS
3,269,936
3,660,454
3,224,426
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
1,416,019
1,166,019
Retained Earnings
(1,648,992)
(1,448,473)
(1,634,501)
3,269,936
3,660,454
3,224,426
Consolidated Cash Flows
For the Six-Month Period to 30 September 2023
30 September
2023
30 September
2022
31 March
2023
£
£
£
Cash flows from operating activities
Cash generated from operations
(3,516)
(116,928)
(64,682)
Interest paid
(224)
(301)
(558)
Tax paid
-
-
-
Net cash from operating activities
(3,740)
(117,229)
(65,240)
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
-
-
-
-
-
(123,324)
Interest received
3,569
332
1,749
Net cash from investing activities
5,569
332
(121,485)
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
(3,171)
(119,897)
(192,725)
Cash and cash equivalents at beginning of period
756,524
949,249
949,249
Cash and cash equivalents at end of period
753,353
829,352
756,524
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:
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.
ISIN: GB00BD04QG09 Category Code: IR TIDM: WAFR LEI Code: 213800CJV93R1FPNT553 Sequence No.: 293551 EQS News ID: 1802571
End of Announcement EQS News Service