Accent Capital PLC
9 August 2024
Accent Group
Limited1 Announces Financial Results for
2023/24
Accent Group is delighted to announce a strong financial
performance for the year ended 31 March 2024. Through a period of
continued economic challenge, with interest rates peaking at 5.25%
and inflation remaining high, Accent has continued to deliver on
its corporate strategy and deliver quality homes and invest in
services for its customers.
As a result of the continued
development programme and rental uplift, turnover was strong and
grew by £11.4m in the 12 months to 31 March 2024 to £126.7m with a
headline operating margin of 25.8%.
Total comprehensive income for the
year is reported at £25.8m, a decrease of £1.75m on the prior year
resulting from a lower actuarial gain on pension schemes in the
year to 31 March 2024 than seen in 2023.
Accent's balance sheet remains
strong with the development and growth programme supporting an
increase in tangible fixed assets of £94.0m to £949.4m at 31 March
2024. Liquidity also remains strong with cash at bank and liquid
assets totalling £136.8m at the year end.
Income from the sale of new
properties grew to £9.9m, an increase of £4.6m on the previous
year, and supported the underlying performance of the business with
a surplus of £2.1m. Demand for Accent properties remained strong
throughout the year reflecting the quality and sustainability of
the homes being developed. In the year to 31 March 2024, Accent
received over £51.6m in grants, much of which emanates from the
£216m strategic partnership with Homes England in which Accent is
the lead partner.
In terms of key ratios for the
2023/24 financial year:
· EBITDA-MRI2/Turnover
(excluding grants) was 16.8%
compared to 29.2% in 2023/2024.
· EBITDA-MRI/Interest
expense decreased to1.3x from
2.4x
· Debt/EBITDA-MRI
increased to 23.4x from 14.7x
All of the above ratios were
impacted by the significant investment in existing homes in the
year which saw capitalised major works expenditure increase from
£12.5m in 2022/23 to £21.3m in 2023/24.
Speaking of the results,
Executive Director of Finance
& Business Services Kirsty Spark said:
"Despite the continued challenges in the sector, Accent has
delivered yet another strong set of financial results for the year
ended 2023/24. As we now move forwards with our new three year
corporate strategy, Building on Strong Foundations, Accent is well
placed to meet the needs of our customers and provide the UK with
quality homes fit for the future."
Interim Chief Executive, Sarah Ireland
added:
"
Following another year of volatility and challenge for the Housing
sector we are proud to have delivered on our commitments to our
customers, both existing and new, having invested more than £25m in
improvement works to our homes and delivered 431 new homes in the
12 months to 31 March 2024. To deliver this and remain financially
resilient in an uncertain economic climate is a considerable
achievement. Our recently reaffirmed credit rating from Standard
and Poors (S&P) of A (with a stable outlook) further
consolidates our position.
As
we look forward to the new financial year and work towards our
priorities as set out in our 2024-2027 Corporate Strategy, Building
on Strong Foundations, we feel better placed than ever to navigate
the future and support the ongoing housing crisis in the
UK."
Please follow the link below to
view the Annual Report & Financial Statements for Accent
Group Limited. The Annual Report & Financial
Statements for Accent Capital PLC will appear on the investors'
page of Accent's website shortly after the AGM to be held on 4
September 2024.
https://www.accentgroup.org/media/6071/accent_group_limited_final_accounts.pdf
Issued by Accent Housing, Bradford,
West Yorkshire. For more information, contact Stacey Healey, Head
of Communications and Public Affairs on 03003739694 or email
press.office@accentgroup.org.
Editor's
Notes
We provide homes and services to
around 42,000 customers in more than 20,700 homes across the north,
east and south of England.
We believe that everybody has the
right to a safe, sustainable and affordable home. This has been our
belief since we formed in 1966.
1 Accent Group Limited is
the ultimate holding company for Accent Capital PLC.
2 Earnings before
interest, depreciation and amortisation - major repairs
included.