TIDM44EK
RNS Number : 8203N
Orbit Capital PLC
27 September 2023
ORBIT CAPITAL PLC RNS
Orbit Capital PLC delivers a robust performance for the year
ending 31 March 2023
Publication of Financial Statements
27 September 2023
Orbit Capital PLC ('Orbit Group, 'Orbit' or the 'Company'), one
of the UK's largest providers of affordable housing, delivers a
robust performance for the year ending 31 March 2023.
Highlights
-- Group turnover ahead of budget at GBP418.3 million , an
increase of GBP44 million on the prior year (FY2022: GBP374
million)
-- Operating surplus excluding fixed asset sales increased by
GBP11 million to GBP105.1 million (FY2022: GBP94.1 million)
-- Strong group operating margin excluding fixed asset sales in
line with budget at 25.1% (FY2022: 25.2%)
-- Revenue reserves increased to GBP911 million (FY2022: GBP826
million) underpinning a strong balance sheet position
-- Overall surplus achieved for the year of GBP89.6 million (FY2022 GBP81.4 million)
-- Reaffirmed A3 credit rating by Moody's
Strategic Progress
Robust performance delivered despite the challenging and
inflationary operating environment.
The cost-of-living crisis significantly influenced our efforts
throughout the year as we worked hard to support our customers
through high inflation and the economic challenges. Referrals to
our Tenancy Support team increased and we enhanced our existing
Better Days programme with a raft of new services measures to
provide much needed customer support.
We also invested further in our processes around damp, mould,
and condensation, establishing it as a 'Big 7' Health and Safety
item within Orbit, giving it the prominence that we believe it
rightly deserves.
Against this challenging backdrop, we continued to deliver
strong progress in all areas of our corporate strategy, Orbit 2025,
which sees continued focus on safety, customer service, quality of
existing and new homes, and the environment.
-- GBP88.8 million invested in improving and maintaining our existing homes for our customers
-- Strong build completions with 1,257 new homes built and
sector-leading new build offer continuing to secure strong new home
reservations
-- Increased investment into our Better Days programme , which
aligns to our purpose of supporting customers to improve their
employment situation, finances and wellbeing
-- Significant measures to help our most vulnerable customers
during the cost-of-living crisis , including commissioning fuel
poverty charity, National Energy Action (NEA), to deliver a direct
Energy Advice Service, increased capacity in our mental health
support service, Breathing Space, as well as awarding food and fuel
vouchers to vulnerable and low-income households
-- New Welfare Advice Service to help customers understand and
apply for the benefits that they are eligible for
-- Biodiversity Approach launched , which is aligned to the
proposed framework of the UN Convention on Biology Diversity
-- Sustainability Strategy updated in recognition of the
cost-of-living crisis, the impact of climate change on customers
and recent world events
-- Sustainable Finance Framework launched, and first Sustainability Linked Loan agreed
-- Carbon footprint reduction of our operations of 14% , with
total reduction of 38.5% since baseline established in 2018.
-- Completion of Social Housing Decarbonisation Fund (SHDF)
Demonstrator project in Stratford District , upgrading 69
properties using a whole house retrofit approach as part of the
Department for Energy Security & Net Zero's UK-wide scheme
-- SHDF Wave 1 and Wave 2.1 funding secured with work started to
upgrade a further 136 properties in partnership with the West
Midlands Combined Authority and Stratford-on-Avon District
Council
Commenting on the results Jonathan Wallbank, Group Finance
Director, said:
"The Group has performed well, and our net assets have increased
as a result of our investment in our existing homes and through new
social and shared ownership homes being built, and revenue reserves
remain strong. With our continued Strategic Partnerships with Homes
England - which will see us deliver over 3,800 homes under this
partnership - we remain financially well-placed with a strong
financial liquidity position."
Phil Andrew, Orbit Group Chief Executive added:
"We have made great progress towards the delivery of our
corporate strategy, Orbit 2025, and these results are a testament
to that. However, the external environment and legislative
requirements have changed in recent years, and at the same time
expectations of the sector have significantly increased.
"Working with our customers, colleagues, and the Group Board, we
are currently developing the strategy that will take us to 2030,
looking at what we need to action now and over the next five years
so we can continue to deliver real improvements to our homes and
the way we provide services for our customers, build more new
affordable homes, and best deliver a positive social impact for
today and tomorrow."
ENDS
For further information please contact: Lisa Astle, Director of
Communications and Brand, Lisa.astle@orbit.org.uk / 07775
633957
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END
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