93FO Accent Cap 49

TIDM93FO

RNS Number : 9438E

Accent Capital PLC

14 July 2021

Accent Capital PLC

14 July 2021

Press Release for release: 7am 14 July 2021

Accent Group Limited* Announces Financial Results for 2020/21

* Accent Group Limited is the ultimate holding company for Accent Capital PLC

Accent's core business of providing affordable housing remains strong and has produced a financial result significantly ahead of expectations whilst continuing to deliver for customers in a fast changing and challenging environment.

In terms of financial performance turnover has increased to GBP103.3m and the headline operating margin has improved to 30.6% compared to 23.9% in 2019/20. COVID-19 related operating restrictions, in place at various times during the year, have meant the business has had to adapt service delivery accordingly. This meant some activity and expenditure was deferred and rescheduled leading to part of the rise in operating margin, notwithstanding the additional costs incurred to operate safely within COVID-19 restrictions (i.e. PPE and cleaning costs) . However the focus of keeping all our customers, staff and homes safe remained very much in place.

Consolidated total comprehensive income was GBP41.8m. Other comprehensive income includes a GBP20.2m increase in the valuation of our housing properties as well as the usual actuarial adjustments relating to pensions (a net GBP2.7m gain). The pre-tax surplus position is a surplus of GBP15.9m. This is ahead of budget expectations and reflects both the deferral of activity noted above and a gain on sale of GBP2.9m realised on the successful exit from supporting housing activities for an GBP8.7m cash receipt.

At the close of the 2020/21 financial year Accent holds a significant amount of liquid funds amounting to GBP98.5m as well as undrawn, fully secured facilities available on short notice of GBP50m. The strong funding position continues to give Accent the flexibility to deal with future challenges, both known and yet to emerge in a post COVID-19 world, in particular addressing the decarbonisation of our homes and business activities in a way that is achievable and data led.

In terms of key ratios for the 2020/21 financial year:

-- EBITDA-MRI* / Turnover (excl grant) was 32.1% compared to 21.4% in 2019/20, reflecting the deferral of activity due to COVID-19 and the sale of supported housing.

-- EBITDA-MRI / Interest expense improved from 2.04x to 2.77x and Debt / EBITDA-MRI decreased from 20.0x to 12.4x.

* Earnings before interest, depreciation and amortisation - major repairs included

"Liquidity will remain under close focus at Accent, and with a strong opening position and significant available facilities at our disposal Accent will continue to ensure the delivery of all of our services to existing customers and the creation of new homes, these remain our top priorities in line with Accent's financial plans and development strategy."

David Royston, Executive Director of Finance and ICT

Speaking of the results, Chief Executive Paul Dolan said:

"2020 has been a difficult year for many of us, for many different reasons. Despite the challenges, our ability to adapt to meet the needs of our customers, at the same time as exceeding our financial expectations, means we can end the year on an extremely positive note.

Our new corporate strategy outlines our commitment to deliver quality homes and sustainable communities, the best possible personal customer experience and an inspirational workspace that supports our colleagues, but we can only achieve this by being in the best possible financial position, so we can ensure our customers and our communities are absolutely central to everything we do.

Paul Dolan, Chief Executive Officer

Please follow this link to view the Annual Report and Financial Statements for Accent Group Limited. The Annual Report and Financial Statements for Accent Capital PLC will appear on the investors page of our website shortly after the AGM to be held on 30 July 2021.

http://www.rns-pdf.londonstockexchange.com/rns/9438E_1-2021-7-12.pdf

Ends

Issued by Accent Housing, Shipley, West Yorkshire. For more information, contact Stacey Healey, Brand and Communications Strategist on 01274 065574 or 07436 538458.

Editor's Notes

Accent Housing was established in 1966. It is a nationally based association providing affordable homes and services to over 35,000 residents living in over 20,500 homes across the country. The association's registered office is in Shipley, West Yorkshire. It has regional offices in Burnley, Camberley, Peterborough and Stockton. Accent was first registered as a provider of social housing for rent, but has since diversified into providing homeownership, leasehold and shared ownership options.

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

ACSUUVRRAOUBAAR

(END) Dow Jones Newswires

July 14, 2021 02:00 ET (06:00 GMT)

Accent Cap 49 (LSE:93FO)
Gráfico Histórico do Ativo
De Nov 2024 até Dez 2024

Accent Cap 49 (LSE:93FO)
Gráfico Histórico do Ativo
De Dez 2023 até Dez 2024