Warner Estate: Doesn't Expect To Meet Bank Covenants If Tested
31 7월 2009 - 4:29PM
Dow Jones News
U.K. property management firm Warner Estate Holdings PLC
(WNER.LN) Friday scrapped its dividend after what it called
possibly the worst year in its history, posting a significant loss
due to falling property prices, and said it wouldn't expect to meet
its banking covenants if they were tested.
For the year ended March 31, Warner posted a pretax loss of
GBP297.1 million, compared with a loss of GBP123.5 million a year
earlier.
Revenue fell to GBP42.5 million from GBP46.1 million and net
asset value per share fell to 8 pence from 549 pence.
Warner, which manages around GBP2 billion of property, said it
is still in talks with its three lenders - Royal Bank of Scotland,
Bank of Scotland and Barclays - about its banking facilities. It
reduced its net debt further since the year-end to GBP238 million
at July 30.
The company said it will look to grow its asset management
business, adding that the decline in property values appears to be
leveling out.
Warner added that although there is a risk of to rental income
from the effect of the recession on its tenants, there has so far
been little sign of increased bad debts.
Company Web site: www.warnerestate.co.uk
-By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308;
rachael.gormley@dowjones.com
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