Commercial Property News

Warner Estate still at banks mercy reports further losses for H1

In it's H1 results today, Warner Estate Holdings said that revenues were down at £15.6million (September 2008: £23.5million) and that it had a pre-tax loss of £27.6million (September 2008: -£124.7million) which resulted in a negative NAV of -43p.

Warner has sold property under management for £131.9million (4.9% below March 2009 values), but is having discussions with it's lenders with a view to refinancing it's operations. It can continue to trade as it's losses are primarily revaluation losses, which have not crystallised, but despite the disposals the firm has a net debt of £250million, and is in breach of it's banking covenants to RBS, Barclays and HBoS.

Philip Warner, Chairman  commented:

"As I reported in July, the Group's primary objective is to conclude our refinancing negotiations, which are making satisfactory and constructive progress. Thereafter, we shall seek to grow our asset management business, based upon the existing platform of skilled staff managing £1.6billion of property. In the meantime controlling costs and protecting income also remain priorities.

The improvement in sentiment in the property market borught about by increased demand and some capital gowth is encouraging. Asset management experience will be more important than ever and the Group is well placed to provide that expertise".

The Warner Asset management business is in providing services to the Ashtenne Industrial Fund and and the Apia Regional Office Fund, which gives rise to a fee income, which being based on  capital values are £1.8million lower.

 Hansteen Holdings recently took an 18.5% stake in Warner, and any cash rich predator may see the possibilities Warner offers.

Fri, 27th Nov 2009

Return to Previous Page

Latest Commercial Property News
Date Headline
Page: 1 2 3 4 5 6 7 8 9 10 11 Next
Thu, 2nd Sep 2010 Property development agreement for London Fruit and Wool Exchange
Thu, 2nd Sep 2010 Avon office demolition begins, new business properties planned
Wed, 1st Sep 2010 Business property owners may be interested in Godiva buy-to-let deals
Wed, 1st Sep 2010 Investment property owners to benefit from London Olympics
Wed, 1st Sep 2010 Firms can see "massive savings" by making business properties greener
Tue, 31st Aug 2010 Flight Centre UK to move to Leeds business property development
Tue, 31st Aug 2010 Derbyshire Royal Infirmary property redevelopment plan 'includes offices'
Fri, 27th Aug 2010 RBS announces mass closure of business property sites
Fri, 27th Aug 2010 Business property owners told "one size doesn't fit all"
Thu, 26th Aug 2010 Savills H1 results delight the market
Thu, 26th Aug 2010 EU sets annual ?10 million aside for business property lease
Thu, 26th Aug 2010 UK prime commercial property value "captured"
Thu, 26th Aug 2010 Buy-to-let investment property owners 'more active'
Wed, 25th Aug 2010 Property refurbishments 'should take green issues into account'
Wed, 25th Aug 2010 Investment property buyers warned low base rate 'isn't the norm'
Wed, 25th Aug 2010 Property development plans approved for Leeds ?riverside eyesore?
Tue, 24th Aug 2010 Persimmon swing to profit in H1
Tue, 24th Aug 2010 Punch Taverns make slow headway
Tue, 24th Aug 2010 Cheltenham property development plans 'testing the market'
Tue, 24th Aug 2010 £75 million commercial property development 'to boost Aberdeen economy'