Ofex-listed house-builder Wren Homes saw pre-tax profits fall from £140,000 to £117,000 in its interim period to January. But boss Peter West said he was 'very comfortable' with Seymour Pierce analyst Leslie Kent's forecast of £1m profits for the year as a whole. Wren sold just one house during the period, so turnover was slashed from £1.3m to £320,000. But activity at its existing sites was said to be 'brisk', with 'a minimum of three, and probably five or six', homes due to be sold in the second half. Kent expects earnings of about 2.3p per share for the year, and hopes for profits of £1.5m and EPS of 4.3p in 2003. 'Wren is doing all the right things', he said, pointing out that a move to AIM is 'a matter of when, not if' and is likely follow its yearly figures. The firm would probably seek a full listing about a year later. Wren specialises in building standalone houses valued at £250,000-£750,000. It is based in Sutton, in leafy Surrey, where the housing market has held up well. Wren sells homes for an average £500,000. Kent said the shares were 'quite clearly grossly under-valued'.