TIDM44EK
RNS Number : 1550K
Orbit Capital PLC
19 December 2022
Orbit Group Limited's Interim Performance Update covering the
six-month period to 30(th) September 2022
19 December 2022
Orbit Group Limited ('Orbit Group, 'Orbit' or the 'Company'),
one of the UK's largest contributors of affordable housing,
announces a robust half-year performance* in line with
expectations.
Highlights
-- Group turnover for the year to date of GBP206.7m (2021/22 H1: GBP189.3m)
-- Operating profit for the year to date including sale of fixed
assets of GBP71.6m (2021/22 H1: GBP59.8m)
-- Surplus for the year to date of GBP46.2m (2021/22 H1: GBP33.4m)
-- 647 new homes completed (2021/22 H1: 393), of which 461 were affordable
-- Strong transactional customer satisfaction of 4.34 out of 5
-- Continued G1 (Governance) and V2 (Viability) rating from the Regulator of Social Housing
Supporting our customers
Against a challenging backdrop of high inflation, rising
interest rates, materials and labour shortages and increasing
likelihood of a recession, our focus continues to be on providing
good quality, affordable and safe homes.
We have introduced extra measures to support customers through
the cost-of-living crisis, including additional investment in our
Better Days programme, which provides customers with a range of
support from direct financial help and grants to mental health and
employment and skills support.
As part of this we have launched a new Welfare Benefits Advice
Service to help customers manage their finances and partnered with
National Energy Action to support with energy grants, tariffs, and
fuel debt.
Investment in our homes and communities
We continue to invest in our homes and communities, investing
GBP35.5million in our properties during this period (2021/22 H1:
GBP35.3m).
There were 647 new homes completed in the first six months of
the year including the conclusion of affordable rental apartments
at our regeneration scheme, Park East, in Erith.
Work on our Social Housing Demonstrator Project at
Stratford-upon-Avon is now complete, and work as part of the Social
Housing Demonstrator Wave One programme is due to start in the new
year.
We have also made significant improvements in how we respond to
reports of damp, mould or condensation, with the last 18-months
seeing the introduction of a new policy and systems, colleague
training and new equipment to improve our data reporting and
diagnostic capability.
Housing fixed assets total GBP2.96bn (2021/22 H1: GBP2.84bn).
Net debt at the period end was GBP1.52bn (2021/22 H1: GBP1.42bn)
with GBP0.5bn (2021/22 H1: GBP0.6bn) of available liquidity.
Sustainability progress
Progress on our net zero carbon targets and sustainability
commitments continues at pace.
In October we published our second Environmental, Social
Governance (ESG) report under the Sustainable Reporting Standard
for Social Housing, and in June we launched our Biodiversity
Approach, which aligns with the 30by30 global initiative.
In a first for the sector, we also qualified as a provider of
the Institute of Environmental Management and Assessment (IEMA)
environmental sustainability accreditation, and achieved
ISO14001:2015 certification for our environmental management system
by the British Standards Institute (BSI).
Comment from Jonathan Wallbank, Group Finance Director:
"We remain a financially robust association. Our trading
performance continues to be in line with expectations,
demonstrating our strong liquidity position, business resilience
and capability to navigate the current challenging economic
climate.
"We have increased support for our customers to help them
mitigate the cost-of-living crisis and arrears continue to be at
the lowest for many years. We are seeing cost increases both across
property maintenance and new build projects and, whilst our new
build programme has performed well and risk metrics are continuing
to be met, as a precautionary measure we have taken the decision to
reduce new build homes output from 6,500 to 6,000 homes during the
period 2020 - 25. New build will continue with the focus on
affordable tenures, ensuring we minimise risk whilst still
supporting the Government's Affordable Homes Programme."
- Ends -
* Figures quoted in the update are based on unaudited management
accounts which are subject to review and further adjustments, for
example in the areas of pensions, investment property valuation and
taxation.
For further information please contact:
investors@orbit.org.uk / Lisa Astle, Director of Communications
and Brand, lisa.astle@orbit.org.uk 07775 633957
Disclaimer : The information contained herein (the "Interim
Update") has been prepared by Orbit Group Limited (the "Parent")
and its subsidiaries (the "Group"), including Orbit Housing
Association Limited, Orbit Capital PLC (the "Issuer") and is for
information purposes only and has not been subject to external
audit.
The Interim Update should not be construed as an offer or
solicitation to buy or sell any securities issued by the Parent,
the Issuer or any other member of the Group, or any interest in any
such securities, and nothing herein should be construed as a
recommendation or advice to invest in any such securities.
Statements in the Interim Update, including those regarding
possible or assumed future or other performance of the Group as a
whole or any member of it, industry growth or other trend
projections may constitute forward-looking statements and as such
involve risks and uncertainties that may cause actual results,
performance or developments to differ materially from those
expressed or implied by such forward-looking statements.
Accordingly, no assurance is given that such forward-looking
statements will prove to have been correct. They speak only as at
the date of the Interim Update and neither the Parent nor any other
member of the Group undertakes any obligation to update or revise
any forward-looking statements, whether as a result of new
information, future developments, occurrence of unanticipated
events or otherwise.
None of the Parent, any member of the Group or anyone else is
under any obligation to update or keep current the information
contained in the Interim Update. The information in the Interim
Update is subject to verification, does not purport to be
comprehensive, is provided as at the date of the Interim Update and
is subject to change without notice.
No reliance should be placed on the information or any
projections, targets, estimates or forecasts and nothing in the
Interim Update is or should be relied on as a promise or
representation as to the future. No statement in the Interim Update
is intended to be an estimate or forecast. No representation or
warranty, express or implied, is given by or on behalf of the
Parent, any other member of the Group or any of their respective
directors, officers, employees, advisers, agents or any other
persons as to the accuracy or validity of the information or
opinions contained in the Interim Update (and whether any
information has been omitted from the Interim Update). The Interim
Update does not constitute legal, tax, accounting or investment
advice.
https://orbitgroup.org.uk/investor-hub/
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IR FFESUUEESEDE
(END) Dow Jones Newswires
December 19, 2022 04:36 ET (09:36 GMT)
Orbit 3.375% (LSE:44EK)
Historical Stock Chart
From Nov 2024 to Dec 2024
Orbit 3.375% (LSE:44EK)
Historical Stock Chart
From Dec 2023 to Dec 2024
