TIDM61DS
RNS Number : 7600M
Orbit Capital PLC
23 September 2021
Publication of Financial Statements
Orbit Capital PLC
23 September 2021
Orbit Group's robust balance sheet alongside its focus
throughout the pandemic to protect its customers, its people and
its finances, has delivered a strong financial performance in the
year ending 31 March 2021.
Highlights
-- Despite an incredibly challenging year, the financial
operating performance of the business has been very strong, ending
the year broadly flat with the prior year.
o Operating profit excluding fixed asset sales are in line with
the prior year at GBP90 million (2020: GBP90 million) despite the
impact of the pandemic on construction activities during the
initial lockdown period.
o Turnover increased to GBP355 million (FY2020: GBP323
million).
o EBITDA MRI increased to 144% (FY2020: 113.7%) reflecting
ongoing focus on increased cost efficiencies.
-- Securing second Homes England Strategic Partnership bid,
bringing total number of homes to be delivered under the
partnership to over 4,000.
-- Strong liquidity of GBP655 million through a successful
GBP300 million bond issuance in November 2020 , with the level of
interest received a clear reflection of our standing in the sector
and the low coupon rate for the bond a powerful endorsement of
Orbit's long-term financial strength.
-- High Customer satisfaction levels retained with 4.2 out of 5,
despite restrictions imposed by the pandemic.
-- Launch of new Customer website , providing increased
accessibility and functionality, and an enhanced customer
experience.
-- 4.6 rating on Glassdoor reflecting our sector leading
employment experience and strong values led culture
-- First builder of affordable homes to adopt RoSPA 'Safer by
Design' framework for all new homes, demonstrating our commitment
to be at the forefront of building safety.
-- Awarded RoSPA gold awards for customer safety and overall
Health and Safety for three consecutive years.
-- Investment in digital of GBP8.5 million (FY2020: GBP8.4
million), which will deliver long-term operational and cost
efficiencies, and ensure value for money for customers.
-- Investment in the community of GBP6.4 million (FY2020: GBP5.7
million ), including additional COVID-19 emergency funds for
customers and communities.
-- Launch of ESG strategy and first ESG report.
-- Strong progress towards our Orbit 2025 strategy , which sees
continued focus on safety, service, quality of existing and new
homes, and the environment, whilst increasing engagement with our
customers, colleagues and partners to improve communities.
-- Progression of our Densification Strategy with the purchase
of 120 homes in Oxford and stock transfer of 171 shared ownership
homes in March 2021, securing GBP14.6m million to support the
delivery of more affordable new homes in key geographical
areas.
-- The Group portfolio has grown to 45,702 properties (FY2020:
44,753), resulting from our Densification Strategy and new build
programme, which delivered 848 new home completions despite site
closures and the necessary changes to construction site working
practices caused by COVID-19.
-- Successful Tenancy Sustainment programme delivering six-year low in rent arrears.
-- Award winning employee wellbeing programme, ThisIsMe ,
developed to support colleagues through the pandemic and
beyond.
Commenting on the results Jonathan Wallbank, Group Finance
Director, said:
"Despite an incredibly challenging year, the group has performed
very well, delivering an increased turnover and achieving overall
operating margins, excluding fixed asset sales, of 25.4%.
"Throughout we have maintained our services for customers and
continued to drive strong home sales, whilst managing our
operations efficiently, controlling costs and reducing expenditure
where prudent. We have also continued to deliver against our
corporate strategy: Orbit 2025, continuing to invest in our digital
infrastructure, our homes and communities, and in our customer
experience.
"Over the medium-term, the sector faces numerous challenges
which require careful navigation. But, with our strong revenue
reserves and liquidity position alongside our growing Homes England
partnership, we remain financially resilient and well placed to
traverse the challenges ahead, as demonstrated by the reaffirmed A3
credit rating by Moody's earlier this year."
A copy of the all Group company accounts are available in our
Investor Hub:
https://orbitgroup.org.uk/media/2601/annual-report-2021.pdf
For further information please contact:
Lisa Astle, Head of Corporate Communications and Brand
Lisa.astle@orbit.org.uk 07775 633957
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END
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