TIDMWREN
RNS Number : 5494J
Wren Extra Care Group PLC
31 March 2010
For release on 31 March 2010
Wren Extra Care Group Plc (WREN.L)
("Wren" or "the Group" or "the Company"),
Interim Results
for the Half Year Ended 31 January 2010
Wren Extra Care Group Plc, the AIM listed provider of retirement living, through
a range of Extra Care and other services for the independent elderly, announces
interim results for
the half year ended 31 January 2010.
· Despite the frustrating financial performance, Wren is pleased to emerge
from this deep recession with an enhanced land bank and superior business model
· The Group has progressed discussions with several providers of finance
necessary for the Group to roll out its first Extra Care scheme
· Wren expects to be a position to start construction of its first Extra
Care scheme within the next few months
· Equity draw down facility of up to GBP3m now in place.
Brian Nathan, Chairman of Wren Extra Care Group Plc, commented:
"Whilst the global economy in general, and the UK's in particular, show few
signs of recovery, Wren appears to be holding its own, with over a hundred
significant potential purchasers of Warlingham Two (our first Extra Care scheme
of 54 units due to complete in 2011)"
"Wren's challenge for the foreseeable future is to continue to identify good
sites and hold them under option at minimal cost, to obtain the necessary
planning consents for its Extra Care Schemes and to source the necessary finance
to acquire and develop such sites. Despite the challenges that 2010 may well
present, I look forward with cautious optimism."
Enquiries:
+------------------------+-----------------------------------+
| Wren Extra Care Group | |
| plc | |
+------------------------+-----------------------------------+
| Paul Treadaway | Tel: 01372 742 244 |
| CEO | www.wrenextracare.co.uk |
+------------------------+-----------------------------------+
| | |
+------------------------+-----------------------------------+
| Shore Capital | |
+------------------------+-----------------------------------+
| Pascal Keane | Tel: 020 7408 4090 |
+------------------------+-----------------------------------+
| | |
+------------------------+-----------------------------------+
| Peckwater PR | |
+------------------------+-----------------------------------+
| Tarquin Edwards | Tel: 020 7034 4758 |
+------------------------+-----------------------------------+
WREN EXTRA CARE GROUP PLC
CHAIRMAN'S STATEMENT
HALF YEAR ENDED 31 JANUARY 2010
Trading Results
The global economy continues to suffer from a severe and prolonged recession,
but there are signs that this has bottomed out.
Whereas it is frustrating to have to report yet again a loss on minimal
turnover, the encouraging news is that Wren has emerged from this deep recession
with an enhanced land bank and a superior business model, Wren Extra Care, which
has been recognised by financial institutions and others as leading the way
forwards in the provision of housing for the elderly. As a result the company
changed its name to Wren Extra Care Group Plc during the period, to more
accurately reflect the nature of the Wren Business.
It is possible to be slightly more optimistic about the property market and the
residential property market in particular with continuing low interest and
mortgage rates and the corresponding pickup in demand for property sales, prices
and mortgage advances.
The company has also progressed discussions with several potential providers of
finance for its schemes. The company has optimism about concluding these
discussions but there can be no guarantee at this time that they will be
concluded successfully.
Wren has continued to implement cost cutting measures during the period wherever
possible and these steps, together with subsequent sales, will assist in
reducing bank indebtedness.
For the six months ended 31 January 2010, I am disappointed to report an
interim loss of GBP539,328 (2009: GBP549,960) on revenues of GBPNil (2009:
GBP53,900).
Dividend
The Directors continue to take the prudent view, to preserve cash, that no
dividend (2009: Nil) is to be paid until there is a marked and sustained upturn
in the property markets and a resultant return to profitability.
Extra Care Marketplace
Wren has completed its repositioning exercise to focus on the Extra Care element
of the retirement housing market, and to this end, it has three sites already
with planning consent and others sites in the planning process, all for
developments of in excess of 50 units each. This move aims to position Wren
between the traditional retirement homes and the full care nursing home and will
offer residents the best of both models, with independent living, but also the
opportunity to receive care based on individual needs. Wren's Extra Care is at
the forefront of the second generation of retirement housing.
The Company will then be in a position to provide a wider range of services,
including 24/7 staffing, restaurant, lounge/conservatory, bistro, activities and
treatment rooms, hair salon, laundry etc, to support the "independent" elderly,
so that they may continue to live longer in the comfort and security of their
own homes.
Wren expects to be in a position to start construction of the first of its Extra
Care Schemes within the next few months.
Capital investment
On 1 December 2009 the Company has secured an equity draw-down facility of up to
GBP3m, which is intended to be utilised as a standby facility to provide for
additional working capital and to enable the Group to be able to take advantage
of potential opportunities, as and when they arise.
Work-in-Progress & Land Bank
The Company continues to develop its land bank and "virtual land bank" for
retirement housing schemes (where the sites are held under minimal cost options
until suitable planning consent is gained) a summary of which is set out below:
Units
Planning Consent Granted/Owned 169
Planning expected imminently 94
Built & Completed for Sale (traditional flats &
Sheltered housing apartments) 9
New site being worked up/optioned 258
------
Total 530
===
This progress only serves to underline the effectiveness and determination of
Wren's small and dedicated team of staff and quite clearly adds significant but
undisclosed value to its business.
Bank Support
On 26 January 2010 the Group's bank confirmed that it intends to continue its
banking and financial relationship with Wren and at the time of writing they saw
no reason why existing loans cannot be renegotiated and extended, with
sufficient facilities being made available to support the company. The banking
facilities will be subject to the normal course of business. Current facilities
are due for renewal on 30 April 2010.
Going Concern
As set out in the notes to the consolidated Interim Statement, the Group's
working capital facility and loan agreements are currently being renegotiated
with its bankers. The Directors, after making appropriate enquiries, as
described in note 1 to these interim results, believe that the Group, with
renegotiated loans and facilities, has adequate resources to continue in
operational existence for the foreseeable future. For this reason, they continue
to adopt the going concern basis in the preparation of these interim statements.
Outlook and Prospects
Wren itself is holding its own with a slight, albeit to Wren significant,
increase in sales of existing units. Further, it has already received very
encouraging interest for its new Extra Care Schemes and the first one planned
for completion in Surrey in 2011 has received over 100 written enquiries for the
54 units, without any advertising.
Wren's challenge for the foreseeable future, having identified and optioned a
number of good sites, for which some already have the requisite planning
consent, is to complete the funding packages necessary to acquire and build
these schemes. Despite the challenges that 2010 may well hold, I look forward
with cautious optimism.
B Nathan - Chairman
31 March 2010
WREN EXTRA CARE GROUP PLC
CONDENSED CONSOLIDATED INCOME STATEMENT
+-----------------------------+------+------------+------------+-------------+
| For the six months ended 31 | | Six | Six | Year |
| January 2010 | | months | months | |
+-----------------------------+------+------------+------------+-------------+
| | | ended | ended | ended |
+-----------------------------+------+------------+------------+-------------+
| | | 31 Jan | 31 Jan | 31 July |
| | | 2010 | 2009 | 2009 |
+-----------------------------+------+------------+------------+-------------+
| | | Unaudited | Unaudited | Audited |
+-----------------------------+------+------------+------------+-------------+
| | | | | |
+-----------------------------+------+------------+------------+-------------+
| | Note | GBP | GBP | GBP |
+-----------------------------+------+------------+------------+-------------+
| | | | | |
+-----------------------------+------+------------+------------+-------------+
| Continuing operations | | | | |
+-----------------------------+------+------------+------------+-------------+
| Revenue | | - | 53,900 | 90,740 |
+-----------------------------+------+------------+------------+-------------+
| Cost of sales | | - | (70,117) | (70,129) |
+-----------------------------+------+------------+------------+-------------+
| | | | | |
| | | | | |
+-----------------------------+------+------------+------------+-------------+
| Gross profit/(loss) | | - | (16,217) | (20,611) |
+-----------------------------+------+------------+------------+-------------+
| | | | | |
+-----------------------------+------+------------+------------+-------------+
| Administration expenses | | (479,397) | (566,839) | (1,094,215) |
+-----------------------------+------+------------+------------+-------------+
| | | | | |
| | | | | |
+-----------------------------+------+------------+------------+-------------+
| | | | | |
+-----------------------------+------+------------+------------+-------------+
| Loss from operations | | (479,397) | (583,056) | (1,073,604) |
+-----------------------------+------+------------+------------+-------------+
| | | | | |
+-----------------------------+------+------------+------------+-------------+
| Investment income | | 107,300 | 114,368 | 225,974 |
+-----------------------------+------+------------+------------+-------------+
| | | | | |
+-----------------------------+------+------------+------------+-------------+
| Finance cost | | (167,231) | (81,272) | (228,463) |
+-----------------------------+------+------------+------------+-------------+
| | | | | |
| | | | | |
+-----------------------------+------+------------+------------+-------------+
| Loss before tax from | | | | |
| continuing operations | | (539,328) | (549,960) | (1,076,093) |
+-----------------------------+------+------------+------------+-------------+
| | | | | |
+-----------------------------+------+------------+------------+-------------+
| Income tax | | - | - | - |
+-----------------------------+------+------------+------------+-------------+
| | | | | |
| | | | | |
+-----------------------------+------+------------+------------+-------------+
| Loss for the period from | | | | |
| continuing operations after | | (539,328) | (549,960) | (1,076,093) |
| tax (and total | | | | |
| comprehensive income) | | | | |
+-----------------------------+------+------------+------------+-------------+
| All attributable to equity | | | | |
| holders of the parent | | | | |
+-----------------------------+------+------------+------------+-------------+
| | | | | |
+-----------------------------+------+------------+------------+-------------+
| Loss per share | | | | |
+-----------------------------+------+------------+------------+-------------+
| | | | | |
+-----------------------------+------+------------+------------+-------------+
| The weighted number of | | 52,422,387 | 46,976,735 | 49,672,387 |
| shares in issue | | | | |
+-----------------------------+------+------------+------------+-------------+
| | | | | |
+-----------------------------+------+------------+------------+-------------+
| Basic and diluted | 2 | (1.03)p | (1.17)p | (2.17)p |
+-----------------------------+------+------------+------------+-------------+
| | | | | |
+-----------------------------+------+------------+------------+-------------+
WREN EXTRA CARE GROUP PLC
CONDENSED CONSOLIDATED BALANCE SHEET
+-----------------------------+------+-------------+------------+-------------+
| | | 31 Jan | 31 Jan | 31 |
| | | 2010 | 2009 | July |
| | | | | 2009 |
+-----------------------------+------+-------------+------------+-------------+
| | | Unaudited | Unaudited | Audited |
+-----------------------------+------+-------------+------------+-------------+
| | Note | GBP | GBP | GBP |
+-----------------------------+------+-------------+------------+-------------+
| Non-current assets | | | | |
+-----------------------------+------+-------------+------------+-------------+
| Goodwill | 3 | 3,135,203 | 3,135,203 | 3,135,203 |
+-----------------------------+------+-------------+------------+-------------+
| Investment property | 5 | 230,000 | 230,000 | 230,000 |
+-----------------------------+------+-------------+------------+-------------+
| Property plant & equipment | 4 | 4,184 | 152,407 | 23,217 |
+-----------------------------+------+-------------+------------+-------------+
| Trade & other receivables | | 2,675,000 | 2,675,000 | 2,675,000 |
+-----------------------------+------+-------------+------------+-------------+
| | | | | |
| | | | | |
+-----------------------------+------+-------------+------------+-------------+
| Total non-current assets | | 6,044,387 | 6,192,610 | 6,063,420 |
+-----------------------------+------+-------------+------------+-------------+
| | | | | |
| Current assets | | | | |
+-----------------------------+------+-------------+------------+-------------+
| Inventories | | 7,318,330 | 7,074,719 | 6,993,585 |
+-----------------------------+------+-------------+------------+-------------+
| Trade & other receivables | | 1,644,431 | 1,452,225 | 1,798,861 |
+-----------------------------+------+-------------+------------+-------------+
| Cash & cash equivalents | | 755,677 | 2,033,163 | 1,438,825 |
+-----------------------------+------+-------------+------------+-------------+
| | | | | |
| | | | | |
+-----------------------------+------+-------------+------------+-------------+
| Total current assets | | 9,718,438 | 10,560,107 | 10,231,271 |
+-----------------------------+------+-------------+------------+-------------+
| | | | | |
| | | | | |
+-----------------------------+------+-------------+------------+-------------+
| Total assets | | 15,762,825 | 16,752,717 | 16,294,691 |
+-----------------------------+------+-------------+------------+-------------+
| | | | | |
| Current liabilities | | | | |
+-----------------------------+------+-------------+------------+-------------+
| Trade payables | | 193,186 | 161,397 | 224,734 |
+-----------------------------+------+-------------+------------+-------------+
| Tax liabilities | | 206,119 | 98,494 | 131,356 |
+-----------------------------+------+-------------+------------+-------------+
| Obligations under finance | | - | 31,357 | 7,809 |
| leases | | | | |
+-----------------------------+------+-------------+------------+-------------+
| Other payables | | 94,914 | 152,583 | 69,141 |
+-----------------------------+------+-------------+------------+-------------+
| Bank overdrafts and loans | | 4,892,034 | 4,802,188 | 4,887,907 |
+-----------------------------+------+-------------+------------+-------------+
| | | | | |
| | | | | |
+-----------------------------+------+-------------+------------+-------------+
| Total current liabilities | | 5,386,253 | 5,246,019 | 5,320,947 |
+-----------------------------+------+-------------+------------+-------------+
| | | | | |
| Non-current liabilities | | | | |
+-----------------------------+------+-------------+------------+-------------+
| Obligations under finance | | - | 98,943 | - |
| leases | | | | |
+-----------------------------+------+-------------+------------+-------------+
| Convertible loan note | | 2,837,809 | 2,696,559 | 2,781,522 |
+-----------------------------+------+-------------+------------+-------------+
| | | | | |
| | | | | |
+-----------------------------+------+-------------+------------+-------------+
| Total non - current | 11 | 2,837,809 | 2,795,502 | 2,781,522 |
| liabilities | | | | |
+-----------------------------+------+-------------+------------+-------------+
| | | | | |
| | | | | |
+-----------------------------+------+-------------+------------+-------------+
| Total liabilities | | 8,224,062 | 8,041,521 | 8,102,469 |
+-----------------------------+------+-------------+------------+-------------+
| | | | | |
| | | | | |
+-----------------------------+------+-------------+------------+-------------+
| | | 7,538,763 | 8,711,196 | 8,192,222 |
+-----------------------------+------+-------------+------------+-------------+
| | | | | |
| Equity | | | | |
+-----------------------------+------+-------------+------------+-------------+
| Issued share capital | 6 | 5,242,238 | 5,242,238 | 5,242,238 |
+-----------------------------+------+-------------+------------+-------------+
| Share premium account | | 3,526,353 | 3,650,480 | 3,650,480 |
+-----------------------------+------+-------------+------------+-------------+
| Capital redemption reserve | | 98,028 | 98,028 | 98,028 |
+-----------------------------+------+-------------+------------+-------------+
| Equity reserve | | 228,474 | 303,441 | 218,478 |
+-----------------------------+------+-------------+------------+-------------+
| Retained earnings | | (1,556,330) | (582,991) | (1,017,002) |
| Total equity attributable | | | | |
| to equity holders of the | | 7,538,763 | 8,711,196 | 8,192,222 |
| parent | | | | |
+-----------------------------+------+-------------+------------+-------------+
WREN HOMES GROUP PLC
CONDENSED STATEMENT OF CHANGES IN EQUITY
+-----------+-------------+------+----+------+-----+----------------------------+-------+---------------+---+-------+---+----------+--------+
| Six months ended 31 | | | | | | |
| January 2010 | | | | | | |
+--------------------------------+-----------+----------------------------------+-------+---------------+-----------+-----------------------+
| | | | | | | |
+-----------+-------------+-----------+------------+------------------------------------+-------------------+-------------------------------+
| | Share | Share | Capital | Equity | Retained | Total | |
| | Capital | Premium | Redemption | Component | Reserves | | |
| | | | Reserve | | | | |
+-----------+-------------+-----------+------------+------------------------------------+-------------------+----------------------+--------+
| | GBP | GBP | GBP | GBP | GBP | GBP | |
+-----------+-------------+-----------+------------+------------------------------------+-------------------+----------------------+--------+
| | | | | | | | |
+-----------+-------------+-----------+------------+------------------------------------+-------------------+----------------------+--------+
| Balance | | | | | | | |
| at 1 | | | | | | | |
| August | 4,042,238 | 3,751,365 | 98,028 | - | 19,392 | 7,911,023 | |
| 2008 | | | | | | | |
+-----------+-------------+-----------+------------+------------------------------------+-------------------+----------------------+--------+
| Loss | - | - | - | - | (1,076,093) | (1,076,093) | |
| for the | | | | | | | |
| year | | | | | | | |
| | | | | | | | |
+-----------+-------------+-----------+------------+------------------------------------+-------------------+----------------------+--------+
| Issue | 1,200,000 | 5,000 | - | - | - | 1,205,000 | |
| of | | | | | | | |
| ordinary | | | | | | | |
| shares | - | - | - | - | 9,765 | 9,765 | |
| Rental | | | | | | | |
| income | - | - | - | 303,441 | - | 303,441 | |
| Issue of | | | | | | | |
| loan | | | | | | | |
| notes | | | | | | | |
+-----------+-------------+-----------+------------+------------------------------------+-------------------+----------------------+--------+
| Share | - | (105,885) | - | - | - | (105,885) | |
| issue | | | | | | | |
| costs | | | | | | | |
| Share | - | - | - | | 82,354 | 82,354 | |
| options | | | | - | | | |
| Deferred | | | | | | | |
| tax on | - | - | - | | | (84,963) | |
| loan | | | | (84,963) | - | | |
| notes | | | | | | | |
+-----------+-------------+-----------+------------+------------------------------------+-------------------+----------------------+--------+
| Payment | - | - | - | - | (52,420) | (52,420) | |
| of | | | | | | | |
| dividends | | | | | | | |
+-----------+-------------+-----------+------------+------------------------------------+-------------------+----------------------+--------+
| Balance | | | | | | | |
| at 31 | 5,242,238 | 3,650,480 | 98,028 | 218,478 | (1,017,002) | 8,192,222 | |
| July | | | | | | | |
| 2009 | | | | | | | |
+-----------+-------------+-----------+------------+------------------------------------+-------------------+----------------------+--------+
| | Share | Share | Capital | Equity | Retained | Total | |
| | Capital | Premium | Redemption | Reserve | Reserves | | |
| | | | | | | | |
| | | GBP | GBP | GBP | GBP | GBP | |
| | GBP | | | | | | |
+-----------+-------------+-----------+------------+------------------------------------+-------------------+-----------+-------------------+
| Balance | 5,242,238 | 3,650,480 | 98,028 | 218,478 | (1,017,002) | 8,192,222 | |
| at 1 | | | | | | | |
| August | | | | | | | |
| 2009 | | | | | | | |
+-----------+-------------+-----------+------------+------------------------------------+-------------------+-----------+-------------------+
| Net | - | - | - | - | (539,328) | (539,328) | |
| loss | | | | | | | |
| for the | | | | | | | |
| period | | | | | | | |
+-----------+-------------+-----------+------------+------------------------------------+-------------------+-----------+-------------------+
| Equity | | | - | - | - | | |
| draw | - | (124,127) | - | - | - | (124,127) | |
| down | | | | 9,996 | | 9,996 | |
| costs | | | | | | | |
| Deferred | | | | | | | |
| tax | | | | | | | |
+-----------+-------------+-----------+------------+------------------------------------+-------------------+-----------+-------------------+
| | | | | | | | |
| | | | | | | | |
+-----------+-------------+-----------+------------+------------------------------------+-------------------+-----------+-------------------+
| Balance | 5,242,238 | 3,526,353 | 98,028 | 228,474 | (1,556,330) | 7,538,763 | |
| at 31 | | | | | | | |
| January | | | | | | | |
| 2010 | | | | | | | |
+-----------+-------------+-----------+------------+------------------------------------+-------------------+-----------+-------------------+
| | | | | | | | |
| | | | | | | | |
+-----------+-------------+-----------+------------+------------------------------------+-------------------+-----------+-------------------+
| | | | | | | | | | | | | | |
+-----------+-------------+------+----+------+-----+----------------------------+-------+---------------+---+-------+---+----------+--------+
WREN EXTRA CARE GROUP PLC
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
+-----------------------------+---------------+-------------------+---------------+---------------+
| For the six months ended 31 | | Six | Six | Year |
| January 2010 | | months | months | |
+-----------------------------+---------------+-------------------+---------------+---------------+
| | | ended | ended | ended |
+-----------------------------+---------------+-------------------+---------------+---------------+
| | | 31 Jan | 31 Jan | 31 July |
| | | 2009 | 2009 | 2009 |
+-----------------------------+---------------+-------------------+---------------+---------------+
| | | | | |
+-----------------------------+---------------+-------------------+---------------+---------------+
| | | Unaudited | Unaudited | Audited |
+-----------------------------+---------------+-------------------+---------------+---------------+
| | | | | |
+-----------------------------+---------------+-------------------+---------------+---------------+
| | Note | GBP | GBP | GBP |
+-----------------------------+---------------+-------------------+---------------+---------------+
| Cash flows from operations | 8 | (395,062) | (1,458,965) | (2,088,509) |
+-----------------------------+---------------+-------------------+---------------+---------------+
| Interest paid on loans and | | (167,231) | (74,943) | (228,463) |
| bank overdrafts | | | | |
+-----------------------------+---------------+-------------------+---------------+---------------+
| | | | | |
| Net cash generated from | | (562,293) | (1,533,908) | (2.316,972) |
| operating activities | | | | |
+-----------------------------+---------------+-------------------+---------------+---------------+
| Investing activities | | | | |
+-----------------------------+---------------+-------------------+---------------+---------------+
| Interest received | | 75,300 | 114,368 | 225,974 |
+-----------------------------+---------------+-------------------+---------------+---------------+
| Interest paid on hire | | - | (6,329) | - |
| purchase | | | | |
+-----------------------------+---------------+-------------------+---------------+---------------+
| Sales of tangible assets | | 14,179 | 20,000 | 103,909 |
+-----------------------------+---------------+-------------------+---------------+---------------+
| | | | | |
| | | | | |
+-----------------------------+---------------+-------------------+---------------+---------------+
| Cash flows from investing | | 89,479 | 128,039 | 329,883 |
| activities | | | | |
+-----------------------------+---------------+-------------------+---------------+---------------+
| | | | | |
| | | | | |
+-----------------------------+---------------+-------------------+---------------+---------------+
| Financing activities | | | | |
+-----------------------------+---------------+-------------------+---------------+---------------+
| Convertible loan note | | - | 3,000,000 | 3,000,000 |
+-----------------------------+---------------+-------------------+---------------+---------------+
| Other loans repaid | | - | - | (94,624) |
+-----------------------------+---------------+-------------------+---------------+---------------+
| Loans repaid | | - | (29,177) | - |
+-----------------------------+---------------+-------------------+---------------+---------------+
| Hire purchase repayments | | (7,809) | (33,938) | (156,829) |
+-----------------------------+---------------+-------------------+---------------+---------------+
| Share issue | | - | 1,099,116 | 1,099,116 |
| Equity draw down costs | | (124,127) | | - |
| | | | - | |
+-----------------------------+---------------+-------------------+---------------+---------------+
| Dividends paid | | - | (52,423) | (52,420) |
+-----------------------------+---------------+-------------------+---------------+---------------+
| | | | | |
| | | | | |
+-----------------------------+---------------+-------------------+---------------+---------------+
| Cash flows from financing | | (131,936) | 3,983,578 | 3,795,243 |
| activities | | | | |
+-----------------------------+---------------+-------------------+---------------+---------------+
| | | | | |
| | | | | |
+-----------------------------+---------------+-------------------+---------------+---------------+
| Net (decrease)/increase in | | | | |
| cash and cash equivalents | | (604,750) | 2,577,709 | 1,808,154 |
+-----------------------------+---------------+-------------------+---------------+---------------+
| Cash and cash equivalents | | 845,078 | (963,076) | (963,076) |
| brought forward | | | | |
+-----------------------------+---------------+-------------------+---------------+---------------+
| | | | | |
| | | | | |
+-----------------------------+---------------+-------------------+---------------+---------------+
| Cash and cash equivalents | | 240,328 | 1,614,633 | 845,078 |
| carried forward | | | | |
+-----------------------------+---------------+-------------------+---------------+---------------+
| | | | | |
| | | | | |
+-----------------------------+---------------+-------------------+---------------+---------------+
WREN EXTRA CARE GROUP PLC
NOTES TO THE INTERIM RESULTS
+--+-----------------------+------------+------------+------------+
| | | |
| For the six months ended 31 January | | |
| 2010 | | |
| | | |
+---------------------------------------+------------+------------+
| 1.| Accounting policies | | | |
+--+-----------------------+------------+------------+------------+
| | | | | |
+--+-----------------------+------------+------------+------------+
| | These condensed interim financial statements are for the six |
| | months ended 31 January 2010.They have been prepared in |
| | accordance with the recognition and measurement principles |
| | of International Financial Reporting Standards (IFRS) as |
| | adopted by the European Union (EU) and as are effective or |
| | are expected to be effective as at 27 March 2010.They do not |
| | include all of the information required for full annual |
| | financial statements, and should be read in conjunction with |
| | the consolidated financial statements of the Group for the |
| | year ended 31 July 2009. |
| | These condensed consolidated interim financial statements |
| | have been approved for the issue by the Board of Directors |
| | on 31 March 2010. |
| | |
| | These financial statements have been prepared under the |
| | historical cost convention, except for the revaluation of |
| | certain properties and financial instruments. |
+--+--------------------------------------------------------------+
| | |
+--+--------------------------------------------------------------+
| | The Directors have projected cash flow information for the |
| | period to July 2014. In preparing these cash flows, the |
| | Directors are assessing on a regular basis the sales |
| | activity and costs of the business. On the basis of this |
| | cash flow information, the Directors are of the opinion that |
| | a working capital facility and development bank loans are |
| | required to fund new developments and running costs. In |
| | addition, there are loans and overdraft facilities of |
| | GBP4,892,034 which are due for renewal on 30th April 2010. |
| | |
| | On 1 December 2009 the Company has secured an equity |
| | draw-down facility of up to GBP3m, which is intended to |
| | be utilised as a standby facility to provide for additional |
| | working capital and to enable the Group to be able to take |
| | advantage of potential opportunities, as and when they |
| | arise. |
| | |
| | The financial statements have been prepared on the going |
| | concern basis. This basis of preparation relies on the |
| | successful outcome of the renewal of the working capital |
| | facility and loans. The directors are confident of a |
| | successful outcome. Accordingly the directors consider that |
| | the going concern basis for the preparation of the condensed |
| | financial statements is appropriate. |
| | |
+--+--------------------------------------------------------------+
| | The financial information contained in this report has been |
| | prepared in accordance with the requirements of IAS 34 |
| | 'Interim Financial Reporting'. It has not been audited and |
| | does not constitute statutory accounts within the meaning of |
| | Section 434 of the Companies Act 2006. The statutory |
| | accounts for 2009, which were prepared under International |
| | Accounting Standards (IAS), have been delivered to the |
| | Registrar of Companies. The auditors' opinion on these |
| | accounts was modified and contained two emphasis of matter |
| | paragraphs relating to goodwill and going concern. The |
| | audit report does not contain a statement made under Section |
| | 498 of the Companies Act 2006. |
| | |
+--+-----------------------+------------+------------+------------+
+--+-------------------------------+------------+------------+-------------+
| 2.| Loss per share | | | |
+--+-------------------------------+------------+------------+-------------+
| | | | | |
+--+-------------------------------+------------+------------+-------------+
| | Basic loss per share | | | |
+--+-------------------------------+------------+------------+-------------+
| | The calculation of basic loss per share for the year ended 31 |
| | July 2009 and for the six months ended 31 January 2009 and |
| | 2010 have been determined as the net loss after tax divided by |
| | the weighted average number of equity shares in issue in the |
| | period. |
+--+-----------------------------------------------------------------------+
| | | | | |
+--+-------------------------------+------------+------------+-------------+
| | | 6 Months | 6 Months | Year |
| | | ended 31 | ended 31 | ended |
| | | Jan 2010 | Jan 2009 | 31 |
| | | | | July |
| | | | | 2009 |
+--+-------------------------------+------------+------------+-------------+
| | | GBP | GBP | GBP |
+--+-------------------------------+------------+------------+-------------+
| | Net loss attributable to | | | |
| | ordinary shareholders | (539,328) | (549,960) | (1,076,093) |
+--+-------------------------------+------------+------------+-------------+
| | | | | |
| | | | | |
+--+-------------------------------+------------+------------+-------------+
| | Number of ordinary shares | | | |
+--+-------------------------------+------------+------------+-------------+
| | Issued ordinary shares at the | | | |
| | beginning of the period | 52,422,387 | 40,422,387 | 40,422,387 |
+--+-------------------------------+------------+------------+-------------+
| | Issue of shares in the period | - | 12,000,000 | 12,000,000 |
+--+-------------------------------+------------+------------+-------------+
| | | | | |
| | | | | |
+--+-------------------------------+------------+------------+-------------+
| | Issued ordinary shares at the | 52,422,387 | 52,422,387 | 52,422,387 |
| | end of the period | | | |
+--+-------------------------------+------------+------------+-------------+
| | | | | |
+--+-------------------------------+------------+------------+-------------+
| | Weighted average number of | | | |
| | ordinary shares | | | |
+--+-------------------------------+------------+------------+-------------+
| | | | | |
+--+-------------------------------+------------+------------+-------------+
| | Issued ordinary shares at the | | | |
| | beginning of the period | 52,422,387 | 40,422,387 | 40,422,387 |
+--+-------------------------------+------------+------------+-------------+
| | Issue of shares part way | - | 6,554,348 | 9,672.387 |
| | through the period | | | |
+--+-------------------------------+------------+------------+-------------+
| | | | | |
| | | | | |
+--+-------------------------------+------------+------------+-------------+
| | Weighted average number of | | | |
| | ordinary shares during the | 52,422,387 | 46,976,735 | 49,672,387 |
| | period | | | |
+--+-------------------------------+------------+------------+-------------+
| | Basic loss per share | (1.03)p | (1.17)p | (2.17)p |
| | | | | |
+--+-------------------------------+------------+------------+-------------+
| | Diluted loss per share | 6 Months | 6 Months | Year |
| | | ended 31 | ended 31 | ended |
| | | Jan 2010 | Jan 2009 | 31 |
| | | | | July |
| | | | | 2009 |
+--+-------------------------------+------------+------------+-------------+
| | | | | |
+--+-------------------------------+------------+------------+-------------+
| | Diluted loss per share at | (1.03)p | (1.17)p | (2.17)p |
| | period end | | | |
+--+-------------------------------+------------+------------+-------------+
| | | | | |
+--+-------------------------------+------------+------------+-------------+
| | Loss per share requires presentation of diluted loss per share |
| | when a company could be called upon to issue shares that would |
| | decrease net profits or increase net loss per share. For a |
| | loss making company with outstanding share options, net loss |
| | per share would only be decreased by the exercise of |
| | out-of-the-money share options. No adjustment has been made |
| | to dilute loss per share for out-of-the-money share option and |
| | there are no other diluting future share issues, therefore |
| | diluted loss per share is identical to the basis loss per |
| | share. |
| | |
| | |
+--+-----------------------------------------------------------------------+
| | | | | |
+--+-------------------------------+------------+------------+-------------+
+----+----------+--------------+---+-----+----+---+--+-----+--+-+-------+---+------+----------+---+
| | |
| 3. | Goodwill |
+---------------+---------------------------------------------------------------------------------+
| | | | | | | |
+---------------+--------------+---------+-----------+----------+-----------+---------------------+
| | The group conducts annual impairment tests of the carrying value of goodwill, |
| | based on the recoverable amount of the cash generating unit (CGU), of which |
| | the Group only has one. |
| | The recoverable amounts for the cash-generating units is determined from value |
| | in use calculations. The key assumptions for the value in use calculations are |
| | those regarding the discount rates, growth rates and expected changes to |
| | selling prices and direct costs during the period. Management estimates |
| | discount rates using pre-tax rates that reflect the current market assessments |
| | of the time value of money and the risks specific to the cash-generating unit. |
| | The growth rates are based on industry growth forecasts. Changes in selling |
| | prices and direct costs are based on past practices and expectations of future |
| | changes in the market. |
| | The Group prepares cash flow forecasts derived from the most recent financial |
| | budgets approved by management for the next three years and extrapolates cash |
| | flows for the following two years based on the development of the company's |
| | property portfolio. This rate does not exceed the average long term growth |
| | rate for the relevant markets. The approved cash flow projections in the two |
| | financial years following this year reflect management's expectation of the |
| | performance of the CGU and growth prospects in the Extra Care retirement |
| | sector. Whilst these cash flows do show the value in use is in excess of the |
| | carrying value of the goodwill, there are uncertainties as to the assumption |
| | used in the calculation and to the performance of the business and |
| | developments due to the current economic environment. |
+---------------+---------------------------------------------------------------------------------+
| | | | | |
| 4. | Plant and equipment | | | |
+----+-----------------------------------------------------+------------+----------+--------------+
| | | | Fixtures, | | |
| | | | fittings | Motor | |
| | | | and | vehicles | Total |
| | | | equipment | | |
+----+----------------------------------------+------------+------------+----------+--------------+
| | Cost | | GBP | GBP | GBP |
+----+----------------------------------------+------------+------------+----------+--------------+
| | At 31 July 2009 | | 36,592 | 46,136 | 82,728 |
+----+----------------------------------------+------------+------------+----------+--------------+
| | | | | | |
| | Disposals in the period | | - | (46,136) | (46,136) |
| | | | | | |
+----+----------------------------------------+------------+------------+----------+--------------+
| | At 31 January 2010 | | 36,592 | - | 36,592 |
| | | | | | |
+----+----------------------------------------+------------+------------+----------+--------------+
| | Depreciation | | | | |
+----+----------------------------------------+------------+------------+----------+--------------+
| | At 31 July 2009 | | 28,396 | 31,115 | 59,511 |
+----+----------------------------------------+------------+------------+----------+--------------+
| | Charge for the period | | 4,012 | - | 4,012 |
| | Eliminated on disposals | | - | (31,115) | (31,115) |
| | | | | | |
+----+----------------------------------------+------------+------------+----------+--------------+
| | At 31 January 2010 | | 32,408 | - | 32,408 |
| | | | | | |
+----+----------------------------------------+------------+------------+----------+--------------+
| | Net book values | | | | |
+----+----------------------------------------+------------+------------+----------+--------------+
| | | | | | |
| | At 31 January 2010 | | 4,184 | - | 4,184 |
| | | | | | |
+----+----------------------------------------+------------+------------+----------+--------------+
| | At 31 July 2009 | | 8,196 | 15,021 | 23,217 |
| | | | | | |
+----+----------------------------------------+------------+------------+----------+--------------+
| | | |
+----+----------------------------------------------------------------------------------------+---+
| | | | | | | | |
+----+-----------------------------+----------+---+-----------+-------------+-----------------+---+
| | Included above are assets held under finance leases or hire purchase contracts as | |
| | follows : | |
+----+----------------------------------------------------------------------------------------+---+
| | | | | | | | |
+----+-----------------------------+----------+---+-----------+-------------+-----------------+---+
| | | | | | | | |
+----+-----------------------------+----------+---+-----------+-------------+-----------------+---+
| | | | | | | | |
| | | | | | Motor | | |
| | | | | | vehicles | | |
+----+-----------------------------+----------+---+-----------+-------------+-----------------+---+
| | | | | | GBP | | |
+----+-----------------------------+----------+---+-----------+-------------+-----------------+---+
| | Net book values | | | | | | |
+----+-----------------------------+----------+---+-----------+-------------+-----------------+---+
| | | | | | | | |
| | At 31 January 2010 | | | | - | | |
+----+-----------------------------+----------+---+-----------+-------------+-----------------+---+
| | | | | | | | |
| | At 31 July 2009 | | | | 15,021 | | |
| | | | | | | | |
+----+-----------------------------+----------+---+-----------+-------------+-----------------+---+
| | | | | | | | |
+----+-----------------------------+----------+---+-----------+-------------+-----------------+---+
| | Depreciation charge for the | | | 6 months | 6 months | Year | |
| | period | | | ended | ended | ended | |
| | | | | 31 Jan | 31 Jan | 31 July 2009 | |
| | | | | 2010 | 2009 | | |
+----+-----------------------------+----------+---+-----------+-------------+-----------------+---+
| | | | | | | | |
+----+-----------------------------+----------+---+-----------+-------------+-----------------+---+
| | Six months to 31 January | | | | | | |
| | 2010 | | | 4,012 | 18,747 | 24,079 | |
| | | | | | | | |
+----+-----------------------------+----------+---+-----------+-------------+-----------------+---+
| | | | | | | | | | | | | | | | |
+----+----------+--------------+---+-----+----+---+--+-----+--+-+-------+---+------+----------+---+
+--+-----------------+--------+---+---------+---------+---------+
| 5| Investment | | | | | |
| | Property Fair | | | 31 | 31 | 31 July |
| | Value | | | January | January | |
| | | | | 2010 | 2009 | 2009 |
| | | | | GBP | GBP | GBP |
+--+-----------------+--------+---+---------+---------+---------+
| | | | | | | |
+--+-----------------+--------+---+---------+---------+---------+
| | Balance bought | | | 230,000 | 230,000 | 230,000 |
| | forward | | | | | |
+--+-----------------+--------+---+---------+---------+---------+
| | | | | | | |
| | Balance carried | | | 230,000 | 230,000 | 230,000 |
| | forward | | | | | |
+--+-----------------+--------+---+---------+---------+---------+
| | | | | | | |
+--+-----------------+--------+---+---------+---------+---------+
| | Investment properties have been valued by the directors on |
| | 31 January 2010 at fair value at an open market value |
| | basis. An impairment charge has been made in the period |
| | of GBPNil (2009: GBPNil). |
| | |
| | The property rental income earned by the group from its |
| | investment property, which is leased out under an |
| | operating lease, amounted to GBP5,400 (31 January 2009: |
| | GBP2,685, 31 July 2009: GBP10,800). Direct operating |
| | expenses arising on the investment property in the period |
| | amounted to GBP3,310 (31 January 2009: GBP3,721, 31 July |
| | 2009 GBP9,500). |
+--+-----------------+--------+---+---------+---------+---------+
+--+------------+-------+------+------------+------------+------------+
| 6.| Share | | | 31 Jan | 31 Jan | 31 |
| | Capital | | | 2010 | 2009 | July |
| | | | | | | 2009 |
+--+------------+-------+------+------------+------------+------------+
| | | | | GBP | GBP | GBP |
+--+------------+-------+------+------------+------------+------------+
| | Authorised | | | | | |
+--+------------+-------+------+------------+------------+------------+
| | | | | | | |
+--+------------+-------+------+------------+------------+------------+
| | 100,000,000 Ordinary | 10,000,000 | 10,000,000 | 10,000,000 |
| | shares of 10p each | | | |
+--+---------------------------+------------+------------+------------+
| | | | | | | |
+--+------------+-------+------+------------+------------+------------+
| | Allotted, issued and | | | |
| | fully paid | | | |
+--+---------------------------+------------+------------+------------+
| | | | | | | |
+--+------------+-------+------+------------+------------+------------+
| | 52,422,387 Ordinary | 5,242,238 | 5,242,238 | 5,242,238 |
| | shares of 10p each | | | |
+--+------------+-------+------+------------+------------+------------+
+----+-----------------+----+----+-----+---+----+------+----+--------+-----+-------+----------+
| 7. | Operating lease arrangements |
| | |
+----+----------------------------------------------------------------------------------------+
| | The Group as a | | | | | |
| | lessee | | | | | |
| | | | | | | |
+----+----------------------+----------+--------+-----------+--------------+------------------+
| | The total of future minimum lease payments under non cancelable operating leases |
| | are as follows: |
+----+----------------------------------------------------------------------------------------+
| | | Land and Building | Other |
+----+-----------------+-------------------------------+--------------------------------------+
| | | 31 | 31 | 31 | 31 | 31 | 31 July |
| | | January | January | July 2009 | January2010 | January2009 | 2009 |
| | | 2010 | 2009 | | | | |
+----+-----------------+---------+---------+-----------+-------------+-------------+----------+
| | Expiry Date : | GBP | GBP | GBP | GBP | GBP | GBP |
| | Less than one | 33,120 | 33,210 | 33,210 | 1,565 | 1,565 | 1,565 |
| | year | | | | | | |
+----+-----------------+---------+---------+-----------+-------------+-------------+----------+
| | In the second | | | | | | |
| | to fifth years | 46,980 | 102,310 | 102,310 | - | 2,380 | 2,380 |
| | inclusive | | | | | | |
+----+-----------------+---------+---------+-----------+-------------+-------------+----------+
| | | | | | | | |
| | | | | | | | |
+----+-----------------+---------+---------+-----------+-------------+-------------+----------+
| | Operating lease payments in respect of land and building represents rentals |
| | payable by the group for its registered office. The lease expires on 15 October |
| | 2011. |
| | |
| | Other operating lease payments represent rentals payable by the Group for office |
| | equipment. Leases are negotiated for an average term of five years and rentals |
| | are fixed for an average of five years. |
| | |
| | The Group as a lessor |
| | |
| | Property rental income earned during the period was GBP32,000 (31January 2009: |
| | GBP32,494 31July 2009:GBP63,714). The properties held by the Group are expected |
| | to generate rental yields of 4.02% on an ongoing basis. The Group only held one |
| | investment property at the balance sheet date. This property has a committed |
| | tenant on a two month rolling basis, generating future operating annual lease |
| | income of GBP10,800. |
| | |
+----+----------------------------------------------------------------------------------------+
| | | | | | | | | | | | | |
+----+-----------------+----+----+-----+---+----+------+----+--------+-----+-------+----------+
+------+-----------------------------+----------+---------+-+-----------+-+--------------+
| | |
+------+---------------------------------------------------------------------------------+
| 8. | Cash flow statement | | | |
+------+----------------------------------------+-----------+-------------+--------------+
| | | | | |
+------+----------------------------------------+-----------+-------------+--------------+
| | Reconciliation of operating profit to operating | | |
| | cash flow | | |
+------+----------------------------------------------------+-------------+--------------+
| | | | | |
+------+----------------------------------------+-----------+-------------+--------------+
| | | 31 Jan | 31 Jan |31 July 2009 |
| | | 2010 | 2009 | |
+------+----------------------------------------+-----------+-------------+--------------+
| | | | | |
| | | GBP | GBP | GBP |
+------+----------------------------------------+-----------+-------------+--------------+
| | | | | |
+------+----------------------------------------+-----------+-------------+--------------+
| | Loss from operations | (447,397) | (583,056) | (1,073,604) |
+------+----------------------------------------+-----------+-------------+--------------+
| | Depreciation and loss of tangible | 5,026 | 21,807 | 67,088 |
| | assets | | | |
+------+----------------------------------------+-----------+-------------+--------------+
| | Share option costs | 82,354 | - | 92,088 |
+------+----------------------------------------+-----------+-------------+--------------+
| | Increase in work in progress | (324,745) | (142,559) | (61,425) |
+------+----------------------------------------+-----------+-------------+--------------+
| | Decrease/(Increase) in receivables | 220,712 | (416,841) | (763,447) |
+------+----------------------------------------+-----------+-------------+--------------+
| | Increase/(Decrease) in payables | 68,988 | (338,316) | (349,209) |
+------+----------------------------------------+-----------+-------------+--------------+
| | | | | |
| | | | | |
+------+----------------------------------------+-----------+-------------+--------------+
| | Cash flows from operating activities | (395,062) | (1,458,965) | (2,088,509) |
+------+----------------------------------------+-----------+-------------+--------------+
| | | | |
| 9. Share based payments | | | |
+------------------------------------+--------------------+-------------+----------------+
| Equity-settled share option plans |
+----------------------------------------------------------------------------------------+
| | | | |
+------------------------------------+--------------------+-------------+----------------+
| The Group offers vested share options, without payment, to senior employees. On |
| 10 July 2008 the first such share options were granted to three employees, to |
| subscribe for a total of 450,000 shares at a price of 16p. The options are |
| exercisable between 10 July 2011 and 10 July 2018. |
+----------------------------------------------------------------------------------------+
| | | | |
+------------------------------------+--------------------+-------------+----------------+
| The fair values of the options granted on 10 July 2008 under the share option |
| scheme and expected to vest have been calculated using the Black-Scholes option |
| pricing model. The following inputs were used in the calculation: |
+----------------------------------------------------------------------------------------+
| | | | |
+------------------------------------+--------------------+-------------+----------------+
| Share price at date of grant | | 16p | |
+------------------------------------+--------------------+-------------+----------------+
| Expected volatility | | 53.54 % | |
+------------------------------------+--------------------+-------------+----------------+
| Expected life | | 3 years | |
+------------------------------------+--------------------+-------------+----------------+
| Risk free rate | | 4 % | |
+------------------------------------+--------------------+-------------+----------------+
| | | | |
+------------------------------------+--------------------+-------------+----------------+
| Expected volatility was based on flotation on Plus Markets (formally OFEX) in |
| November 2001 to the date of the grant. |
| |
| On 7 August 2008 share options were granted to the directors and certain key |
| employees to subscribe for a total of 3,732,238 shares at a price of 15p. The |
| share price at the date of the grant was 15p. The options are exercisable |
| between 7 August 2009 and 7 August 2018. |
| |
| The fair values of the options granted on 7 August 2008 under the share option |
| scheme and expected to vest have been calculated using the Black-Scholes option |
| pricing model. The following inputs were used in the calculation: |
| |
| Share price at date of grant |
| 11.75p |
| Expected volatility |
| 53.54% |
| Expected life |
| 10 years |
| Risk free rate |
| 4% |
| |
| The option outstanding at 31 July 2009 had a weighted average remaining |
| contractual life of 9 years (time until options expire). The group recognised |
| total expenses of GBP24,000 (31 January 2009 GBPNil, 31 July 2009: GBP82,354) in |
| respect of the fair value of these options. |
+----------------------------------------------------------------------------------------+
| | | | | | | | |
+------+-----------------------------+----------+---------+-+-----------+-+--------------+
+--+-----------------+------+------+------+------+-----+-----+
| 10| Transactions with | | | | | |
| | Directors | | | | | |
+--+------------------------+------+------+------+-----+-----+
| | | | | | | |
+--+------------------------+------+------+------+-----+-----+
| | During the period GBP12,182 (31 January 2009 GBP15,000, |
| | 31 July 2009 GBP39,579) was paid to Haines Watts (of |
| | which P Self is a partner) for the provision of |
| | consultancy services. |
| | |
| | During the period GBP6,000 (31 January 2009 GBP6,000 31 |
| | July 2009 GBP12,000) was paid to B Nathan and GBP6,000 |
| | (31 January 2009: Nil, 31 July 2009:GBP12,000) to J |
| | Butterfield for their services as non-executive |
| | directors. |
| | |
| | On 7 August 2008 certain directors were granted the |
| | following share options: |
+--+---------------------------------------------------------+
| | | | | | | | |
+--+-----------------+------+------+------+------+-----+-----+
| | B Nathan | | | | 100,000 | |
+--+-----------------+------+------+------+------------+-----+
| | P Treadaway | | | | 762,238 | |
+--+-----------------+------+------+------+------------+-----+
| | J Butterfield | | | | 1,320,000 | |
+--+-----------------+------+------+------+------------+-----+
| | P Self | | | | 500,000 | |
+--+-----------------+------+------+------+------------+-----+
| | | | | | | | |
+--+-----------------+------+------+------+------+-----+-----+
| | Details of the terms of the options are shown under |
| | note 9. |
+--+-----------------+------+------+------+------+-----+-----+
+----+-+-----------------+------+------+----------+------+----------+--------+----------+
| 11 | Convertible loan note | |
+----+--------------------------------------------+-------------------------------------+
| | The convertible loan note was issued on 31 October 2008. The note is |
| | convertible into ordinary shares of the company at any time by the loan note |
| | holder between the date of issue of the note and 31 October 2013. On issue, the |
| | loan note was convertible at 30,000,000 Ordinary shares at 10p. |
| | Interest of 5% per annum will be paid quarterly until the settlement date. |
| | The loan has been recognised at fair value, using the market rate for a similar |
| | instrument of 7.5% for the purposes of the valuation. The difference between |
| | the nominal value of the loan and the fair value has been recognised directly in |
| | profit or loss as a finance charge. |
| | The fair value of the convertible loan note has been split between a liability |
| | element and an equity component, to represent the fair value of the embedded |
| | option to convert the liability into equity of the group, as follows: |
+----+----------------------------------------------------------------------------------+
| | | GBP |
+----+--------------------------------------------------------------+-------------------+
| | Nominal value of convertible loan notes issued | 3,000,000 |
+----+--------------------------------------------------------------+-------------------+
| | Equity component | (303,441) |
| | | |
+----+--------------------------------------------------------------+-------------------+
| | Liability component at date of issue | 2,696,559 |
+----+--------------------------------------------------------------+-------------------+
| | Deferred tax thereon | 74,968 |
| | Interest component | 66,282 |
| | | |
+----+--------------------------------------------------------------+-------------------+
| | Liability component at 31 January 2010 | 2,837,809 |
| | | |
+----+--------------------------------------------------------------+-------------------+
| 12. | Availability | |
+------+---------------------------------------------------------------------+----------+
| | | | | | | | | |
+------+-----------------+------+------+----------+------+----------+--------+----------+
| | Copies of the interim results will be available to all shareholders | |
| | at the registered office of the Company, Suite 4, Oaks House, 12-22 | |
| | West Street, Epsom, KT18 7RG and at the Company's website: | |
| | www.wrenextracare.co.uk. | |
| | | |
+------+---------------------------------------------------------------------+----------+
| | | | | | | | | | |
+----+-+-----------------+------+------+----------+------+----------+--------+----------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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