Business
Half-year Report
Half-year Report.
About this update from Kcr Residential Reit Plc
[{"type":"text","content":"\n \n \n 29 March 2022\n \n \n KCR Residential REIT plc\n \n \n \n \n \n \n \n (\"KCR\" or the \"Company\")\n \n \n \n Interim Results\n \n \n \n \n \n \n KCR Residential REIT plc, the residential REIT group, is pleased to announce its unaudited consolidated results for the six months to 31 December 2022.\n \n \n The half year to 31 December 2022 has seen continued growth in the business in an operating environment that has been challenging with continuing interest rate increases, cost of living pressure and supply chain disruption.\n \n \n Progress continues to be made to transition the business. The strategy, as outlined in last year's annual report, remains unchanged, to:\n \n \n ·\n improve the rental revenue from the existing properties;\n \n \n ·\n upgrade the overall portfolio quality;\n \n \n ·\n explore the development opportunity within the portfolio; and\n \n \n ·\n focus on reducing costs.\n \n \n Revenue growth continues to be driven from the work done on repositioning the portfolio via completion of a holistic refurbishment programme to materially lift the standard of the rental product we are offering and implementation of the Cristal Apartments operating model.\n \n \n \n Operational highlights\n \n \n \n ·\n revenue for the half year increased 30% to £789k (2021: £605k), with revenue growth driven predominantly by Coleherne Road and the ongoing conversion of Deanery Court to the Cristal Apartments operating model; and\n \n \n \n \n \n ·\n portfolio level occupancy has remained strong over the half year with rental increases continuing to be achieved at renewals / re-letting. As the Cristal Apartments operating model continues to be rolled out we expect more volatility in occupancy levels within the properties operated on this basis, however we envisage overall rental levels will be higher notwithstanding this.\n \n \n We continue to make progress to create a stable platform that can be successfully scaled up.\n \n \n This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.\n \n \n Caution regarding forward looking statements\n \n \n Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified ...