Business
Interim Results to 31 March 2021
Interim Results to 31 March 2021.
About this update from Residential Secure Income Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9572Z\n Residential Secure Income PLC\n 27 May 2021\n \n \n \n \n \n \n \n 27 May 2021\n \n \n Residential Secure Income plc\n \n \n (\"ReSI\" or the \"Company\")\n \n \n \n \n \n Interim Results to 31 March 2021\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 interim results for the six months ending 31 March 2021. \n \n \n \n \n \n Financial highlights - full deployment and void reductions driving increasing dividend cover\n \n \n · \n Operating profit before property disposals and change in fair value up 17% to £5.6 million (1H20: £4.8 million)\n \n \n o \n 1.1% like-for-like rental growth in line with RPI\n \n \n o \n 99% of rent collected during the half year to March 2021, continuing to demonstrate defensive characteristics of the portfolio\n \n \n · \n IFRS Net Asset Value Total Return of 2.9 pence per share for the half-year, including 1.8 pence recurring income (1H20: total return of 0.8 pence)\n \n \n · \n IFRS Net Asset Value of £179.7 million, or 105.1 pence per share (FY20: 105.0p)\n \n \n · \n Adjusted earnings per share of 1.8 pence, up 29% (1H20: 1.4 pence per share)\n \n \n · \n Total dividends for the half-year of 2.5 pence per share, in line with target (1H20: 2.5 pence per share)\n \n \n · \n Gross rental income up 5%, to £10.7 million (1H20: £10.2 million)\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 IFRS Net Asset Value as at 30 September 2020\n \n \n \n \n 179.6\n \n \n \n \n 105.0\n \n \n \n \n \n \n Net Income for period\n \n \n \n \n 3.1\n \n \n \n \n 1.8\n \n \n \n \n \n \n Valuation change\n \n \n \n \n 1.8\n \n \n \n \n 1.1\n \n \n \n \n \n \n One off costs\n \n \n \n \n (0.5)\n \n \n \n \n (0.3)\n \n \n \n \n \n \n Dividend paid\n \n \n \n \n (4.3)\n \n \n \n \n (2.5)\n \n \n \n \n \n \n IFRS Net Asset Value as at 31 March 2021\n \n \n \n \n 179.7\n \n \n \n \n 105.1\n \n \n \n \n \n \n \n \n \n Deployment and operational highlights \n \n \n · \n Fully deployed capital due to £19m of acquisitions and £21m of committed acquisitions in 1H 2021\n \n \n o \n Retirement voids reduced to below 8% from 10% in September 2020, closing in on pre-Co...