Business
Full Year Results to 30 September 2020
Full Year Results to 30 September 2020.
About this update from Residential Secure Income Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2046H\n Residential Secure Income PLC\n 02 December 2020\n \n \n \n \n \n \n \n 2 December 2020\n \n \n Residential Secure Income plc\n \n \n (\"ReSI\" or the \"Company\")\n \n \n \n \n \n Full Year Results to 30 September 2020\n \n \n \n \n \n Residential Secure Income Fund plc (LSE: RESI), \n which invests in affordable shared ownership, retirement and local authority housing, \n is pleased to announce its annual financial results for the period ending 30 September 2020. \n \n \n \n \n \n Financial highlights - Resilient performance from existing portfolio\n \n \n · \n Robust performance through COVID-19; Operating profit before property disposals and change in fair value up 10.3% to £9.9 million (FY19: £9.0 million)\n \n \n o \n 99% of rent collected during the year to September 2020, demonstrating defensive characteristics of the portfolio\n \n \n o \n Retirement occupancy average of 91% compared to 93% in prior year\n \n \n o \n Shared ownership delayed but now 64% occupied with further 21% reserved\n \n \n · \n IFRS Net Asset Value Total Return of 1.4 pence per share for the year, comprising 4.9 pence recurring income, less 3.5 pence of one-off valuation reduction and shared ownership debt setup costs (FY19: total return of 7.7 pence)\n \n \n · \n IFRS Net Asset Value of £179.6 million, or 105.0 pence per share (FY19 108.6p)\n \n \n · \n Investment property valuations remained relatively stable despite COVID-19, with marginal 0.3% like for like reduction\n \n \n · \n Adjusted earnings per share of 2.9 pence, up 3.5% (FY19: 2.8 pence per share)\n \n \n · \n Total dividends for the year of 5.0 pence per share, in line with target (FY19: 5.0 pence per share)\n \n \n · \n Gross rental income up 5.1%, to £20.6 million (FY19: £19.6 million)\n \n \n · \n Weighted average debt maturity now 23 years (up from 19 years at 30 September 2019)\n \n \n o \n LTV ratio stands at 43%\n \n \n o \n Average cost of debt is now 2.7%, from 3.3% on 30 September 2019\n \n \n o \n New shared ownership debt supported £66m of shared ownership acquisitions in year (including first tranche stakes)\n \n \n \n \n \n \n \n \n \n \n \n \n £m\n \n \n \n \n pence per share\n \n \n \n \n \n \n \n \n Net Asset Value as at 30 September 2019\n \n...