WNER Wt Wner Usd

U.K. property management firm Warner Estate Holdings PLC (WNER.LN) Friday reported a narrower first-half pretax loss and said it would continue to focus on its refinancing negotiations, which it said were making "satisfactory and constructive progress."

Earlier this year, Warner said it wouldn't expect to meet its banking covenants if they were tested.

It is now in talks with its three lenders--Royal Bank of Scotland Group PLC (RBS.LN) Bank Of Scotland (UD-BSC) and Barclays PLC (BARC.LN)--to extend and amend its current banking facilities in the case of two and renew the third.

Warner said that each lender has currently reserved its rights to formally request the testing of certain financial covenants.

For the six months to Sept. 30, Warner posted a pretax loss of GBP27.6 million, compared with a loss of GBP124.7 million in the same period a year earlier.

Revenue fell to GBP15.6 million from GBP23.5 million and net rental income fell to GBP1 million from GBP9.4 million.

Warner said that group net debt has been reduced from GBP285 million to GBP250 million due to property sales and cash generated from operations.

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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