Business
Half-year Report
Half-year Report.
About this update from Residential Secure Income Plc
[{"type":"text","content":"\n \nRNS Number : 4754Z Residential Secure Income PLC 20 May 2019 \n\nResidential Secure Income plc \n \nINTERIM RESULTS \n \nINFLATION-LINKED RENTS AND ASSET MANAGEMENT INITIATIVES DRIVE TOTAL RETURN, NAV AND PORTFOLIO VALUATION UPLIFTS\n \nResidential Secure Income plc (\"ReSI\") (LSE: RESI), which invests in affordable Shared Ownership, retirement and Local Authority housing, today announces its interim results for the six months to 31 March 2019. \n \nFinancial highlights\n· IFRS Net Asset Value (\"NAV\") Total Return of 4.7 pence per share for the period and 14.1 pence since Admission, with ReSI on track to again exceed its 8%+ annual target\n· 8.3% uplift in the portfolio valuation, compared to purchase price, to £321.3 million driven primarily by inflation linked rent increases and successful lease extensions in the retirement portfolio \n· 2.7% increase in IFRS NAV to 107.9 pence per share (30 September 2018: 105.1 pence per share) representing growth of 10.1% since Admission\n· Earnings per share for the first half increased 145% to 4.5 pence compared to 1.8 pence for the 8.5 month period to 31 March 2018 and on an annualised basis equalled those for the full year 2018 of 9.0 pence\n· Net property income for the first half increased 211% to £6.1 million (8.5 months to 31 March 2018: £1.9 million)\n· Annualised net rental income increased 125% to £11.5 million compared to 31 March 2018 (£5.1 million) and 9.5% since the 2018 year end (£10.5 million), representing a 5.1% net yield on capital deployed to income producing assets\n· 96% of rental income is subject to contractual inflation-linked rental uplifts \n· Total drawn debt of £107.5 million (30 September: £51.6 million) reflecting a gearing ratio of 35.6% \n· Dividends of 2.5 pence per share declared for the period (in two equal quarterly instalments of 1.25 pence), in line with the 5.0 pence per share target for the current financial year \n· NAV accretive share buy-back programme launched in April 2018 has resulted in 9,304,729 shares being purchased at an average p...