Walls & Future narrows loss but sees rent received reduced

(Alliance News) - Walls & Futures REIT PLC on Friday saw mixed prospects over the first half, as it posted a narrowed loss.

For the six months ended September 30, the London-based designer and developer of specialist social housing reported a pretax loss of GBP36,686, narrowed from GBP200,677 a year prior.

Administrative expenses also reduced, down to GBP94,334 from GBP130,351 last year.

Rent received fell from the previous year, however, at GBP57,699 from GBP65,063. The company's net asset value also fell 0.5% to 97.5 pence per share, from 98p per share on March 31, 2022.

"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," said Chief Executive Joe McTaggart.

"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 December 23, 2022 that Vengrove, a real estate investment and advisory firm had acquired 250,000 ordinary shares in the company," McTaggart added.

Walls & Futures shares were last traded on Aquis at 39.5p each in London on Tuesday.

By Holly Beveridge; Alliance News reporter

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