Care property partner Ashley House warned Thursday it expected profits to fall short of current market expectations as first-half revenues fell sharply.
For the six months ended 31 October, losses before tax narrowed to £1.709m from £1.734m a year earlier.
The company said it expected to become profitable for the full 14 month period to 30 June 2019, but added that uncertainty on timings of some scheme closures might result in revenue slipping into the next financial year.
Revenue decreased to £4.766m from £7.004m as contributions from Morgan Ashley were now recognised within 'Share of results of joint ventures' rather than revenue, the company said.
Net debt significantly fell to £1.490m from £3.512m a year earlier.
At 10:23am: (LON:ASH) Ashley House PLC share price was -2.7p at 11.1p