Residential Secure Income PLC - investor in retirement living and shared ownership - Despite higher interest rates, hails a ‘strong operational performance’ in the first financial half to March 31. Rent collection rate for the period remains unmoved on-year at 99%. Net rental income rises 6.8% to £9.4 million from £8.8 million. Pretax loss narrows to £10.4 million from £30.0 million. IFRS net asset value per share falls 8.4% to 83.4p at the end of March, from 91.1p at the end of September.
Looking ahead, Chair Robert Whiteman says: ‘With investment market volumes expected to remain low until any future interest rate cuts, we expect opportunities may take time to emerge.’ Ben Fry, managing director of Housing at Gresham House, says: ‘The sector outlook remains positive, with low housing affordability and an ageing population driving higher demand, amid the persistent shortfall in new housing.’ Gresham House is the parent company of Residential Secure’s fund manager.
Current stock price: 46.51 pence each, up 3.1% on Tuesday afternoon in London
12-month change: down 29%
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