Losses widen at Ashley House

Health and social care infrastructure specialist Ashley House said half year losses widened after it took a non cash impairment of £18.2m and a tax credit.

Otherwise the company performance was at a fairly flat level during the first six months of the financial year as difficulties and uncertainty in the NHS continued, the group explained.

Revenue eased 8% to £12.4m in the six months ended 31 October 2011 compared to the same period last year, reflecting the impact of the uncertainty surrounding the scope and timing of the Health and Social Care Bill

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EBITDA showed a loss of £0.2m compared to a profit of £0.6m in 2010. Loss after tax was £18.2m compared to £4.1m the year before following the £18.2m impairment charge. Net assets fell to £20.3m from £41.8m in 2010 while net debt increased to £1.9m from £1.7m.

Chairman William Wells commented, "Our core healthcare market continues to be slow with NHS reform still incomplete and decision making around primary care premises, still ongoing. However, Ashley House has started to gain some traction in new markets reinforcing the Board's view that although this and next year will be fairly flat, growth will return in the medium term."