Business
Half-Year Results
Half-Year Results.
About this update from Residential Secure Income Plc
[{"type":"text","content":"\n \n \n RNS Number : 1232N\n Residential Secure Income PLC\n 18 May 2020\n \n \n \n \n 18 May 2020\n \n \n \n \n \n Residential Secure Income plc \n \n \n \n \n \n HALF-YEAR RESULTS\n \n \n \n \n \n DEFENSIVE PORTFOLIO BACKED BY SECURE INCOME STREAMS POSITIONED TO MITIGATE NEAR-TERM MARKET VOLATILITY \n \n \n \n \n \n Residential Secure Income plc (\"ReSI\" or \"the Company\") (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 2020. \n \n \n \n \n \n \n Alex Pilato, Chief Executive of ReSI Capital Management Limited, the Fund Manager, commented: \n \n \"In the half-year to 31 March 2020, ReSI's focus has been on both growing and moving the shared ownership portfolio towards full income generation. We have been encouraged by continued interest in our shared ownership homes despite the countrywide lockdown, and, together with the continued strong momentum in sales we have seen since April, this provides a positive endorsement of our strategy to grow our exposure to this structurally supported sector.\n \n \n \n \n \n \"Understandably the COVID-19 pandemic has created uncertainty at both a macroeconomic and real estate level. While the situation is still ongoing, early signs are that our expectations about the Company's resilience are accurate. We have a defensive portfolio which has been positioned to survive through economic stress and generates rental income from sources that are largely decoupled from the wider economy. Nevertheless, we continue to work closely with property managers and lessees to ensure we are as well placed as possible to minimise the impact on the Company's business, while prioritising the safety and wellbeing of our staff and residents.\"\n \n \n \n \n \n Financial highlights\n \n \n · \n IFRS Net Asset Value (\"NAV\") Total Return of 0.7 pence per share for the period; this comprises 2.8 pence recurring income, offset by 2.1 pence of one-off valuation reduction\n \n \n · \n Earnings per share increased 8.3% to 1.3 pence (31 March 2019: 1.2 pence), reflecting continued progress in growing rental income from the shared ownership portfolio\n \n \n · \n Marginal 0.4% decline in portfolio valuation since year end due pri...