Surrey-based house builder Wren turned a £225,000 loss into a £1m profit in the year to July and says it will soon be eyeing a move to Aim. Wren increased pre-tax profits further to nearly £1.6m, thanks to a £541,000 exceptional profit on the capital reconstruction of Sardis, a former sound specialist-turned shell which it reversed into at the time of its Ofex launch. Turnover reached £2.6m. Headed by chairman Peter West, Wren takes options on promising development sites and then seeks planning permission to build houses, which it aims to resell for between £300,000 and £500,000 each. With sites in Croydon, Caterham, Sissinghurst, Warlingham and elsewhere, the current value of all the company's 84 sites is about £10.5m. West estimates a value three times that if they are built and re-sold. With housing supply at it lowest 'since the war' and mortgage costs 'historically low', Wren is particularly well placed to take advantage of the situation. West adds that an Aim move is the 'next logical step' in Wren's expansion and says 'we will be investigating various methods of doing this in the coming months'. The shares came to Ofex via its Sardis reversal 12 months ago at 14.32p.