Business
Results for the six months ended 31 March 2024
Results for the six months ended 31 March 2024.
About this update from Residential Secure Income Plc
[{"type":"text","content":"\n\n18 June 2024\nResidential Secure Income plc\n \n(\"ReSI\" or the \"Company\") \n \nInterim Results to 31 March 2024\n \nResidential Secure Income plc (LSE: RESI), which invests in independent retirement living and shared ownership to deliver secure, inflation-linked returns, is pleased to announce its interim results for the six months ending 31 March 2024.\n \nCommenting on the results, Robert Whiteman CBE, ReSI's Chairman, said:\n \n\"ReSI continues to deliver strong operational performance, with high levels of rent collection, occupancy, rent growth and stabilisation of operating costs. Coupled with Gresham House agreeing to reduce fund management fees, this has led to adjusted earnings growing by 9%, to comfortably cover our dividend. The sale of our local authority portfolio is continuing to progress, with one asset sale completing at the start of April and the remainder advancing through due diligence. Sales proceeds will be used to repay floating rate debt.\n \n\"We continue to review opportunities to make further disposals that add value for shareholders, from which we would prioritise the return of capital. However, with investment market volumes expected to remain low until any future interest rate cuts, we expect opportunities may take time to emerge. In the meantime, we will maintain our focus on driving operational performance in the retirement portfolio, which should drive shareholder value.\"\n \nBen Fry, Managing Director of Housing at Gresham House, added:\n \n\"The quality of ReSI's operational business model, demonstrated by 6.5% like-for-like rental growth, consistently strong rent collection of over 99%, and record occupancy of 96% in retirement and 100% in shared ownership, continues to reflect our focus on the underserved markets of affordable purpose-built retirement living and the provision of affordable home ownership to young families and key workers.\n \n\"Whilst cost pressures remain, they have started to ease. This has enabled top-line performance to grow Adjusted Earnings by 9% and cover the dividend by 117%. We continue to see strong rental growth, combined with good progress on our asset management initiatives, within our retirement portfolio, which we anticipate will underpin ongoing earnings growth.\n \n\"The sale of our local authority...