TIDM44EK
RNS Number : 9198X
Orbit Capital PLC
01 September 2022
Publication of Financial Statements
Orbit Capital PLC
A very strong performance in an extraordinary year
1 SEPTEMBER 2022
Orbit Capital PLC ('Orbit Group, 'Orbit' or the 'Company'), one
of the UK's largest contributors of affordable housing, reaffirms
its clear market standing and robust financial strategy with the
delivery of a very strong performance for the year ending 31 March
2022.
Highlights
-- Group turnover ahead of budget at GBP374 million , an
increase of GBP19 million on the prior year (FY2021: GBP355
million)
-- Operating profit increased by GBP19 million to GBP131 million
including fixed asset sales (FY2021: GBP112 million)
-- Consistently strong operating margin excluding fixed asset
sales in line with budget at 25.2% (FY2021: 25.4%)
-- Revenue reserves increased to GBP826 million (FY2021: GBP740
million) underpinning a strong balance sheet position
-- The Group portfolio has grown to 46,529 properties (FY2021: 45,702)
-- Reaffirmed A3 credit rating by Moody's
Strategic Progress
-- Strong progress in all areas of our corporate strategy, Orbit
2025 , 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.
o High Customer satisfaction levels retained with 4.3 out of
5
o Winner of the TPAS Outstanding Tenant Engagement Award (Over
10,000 homes)
o Continued investment in digital accessibility and digital
customer experience with launch of new award-winning MyAccount
self-serve customer portal
o Increased investment and focus to support our customers and
communities through new Thriving Communities strategy
o Investment in the community of GBP10.4 million (FY2021: GBP6.4
million), including additional support for customers during the
energy crisis
o Customer arrears at the lowest level for eight years
o Continued excellence in Health and Safety with Merit in the
British Safety Council's International Safety Awards; RoSPA Highly
Commended in the Public Service & Local Government Industry
Sector Health and Safety Award; fourth consecutive year of RoSPA
Gold Awards for customer safety and overall Health and Safety
o Robust Building Safety Strategy in place, providing a
comprehensive risk management system ahead of incoming new
regulations in 2023
o GBP81.5 million invested into our existing housing stock with
99.9% of our homes meeting the Decent Homes Standard and 82.2%
rated EPC Band C or above
o 4.3 rating on Glassdoor reflecting our sector leading
employment experience and strong values-led culture
o 6.9% reduction in annual carbon footprint and 33% reduction
since 2019 baseline
o Launch of Net Zero Carbon commitments and roadmap
o 1,013 new homes built , with a strong housing market
continuing to help to offset materials and labour cost
increases
o Continued partnership with Homes England which will see Orbit
deliver 4,200 homes
o Proposed Grouping Agreement with Swan Housing Association with
the aim of Swan joining the Orbit Group later this year as a
subsidiary - further information to be provided in due course
Commenting on the results Jonathan Wallbank, Group Finance
Director, said:
"The pandemic, war in Ukraine, rising inflation and cost of
living crisis are being felt across the sector and the wider
economy. However, despite these exceptional challenges, we have
continued to deliver a very strong performance, increasing both
profits and turnover, and maintaining a strong margin.
"We have also made strong progress in our corporate strategy -
Orbit 2025 - maintaining good customer satisfaction levels and
continuing our focus on improving our customer experience and
services. The number of new homes delivered has increased
year-on-year and we have continued to make good progress towards
decarbonisation with our Social Housing Demonstrator projects and
the launch of Net Zero Carbon targets and roadmap."
Mark Hoyland, Orbit Group Chief Executive added:
"Looking ahead, we continue to progress partnership discussions
with Swan Housing Association with the aim that Swan joins the
Orbit Group as a subsidiary later this year. We believe Swan to be
a complementary fit for Orbit geographically and, should the
grouping go ahead, it would create a combined housing portfolio of
nearly 60,000 homes and over 125,000 customers across the UK,
creating increased scale and value in the medium term.
"Our strategic progress and strength in governance and risk
management, alongside our strong revenue reserves and liquidity
position, reaffirms our clear market standing and financial
strategy, meaning we are well-placed for the future."
A copy of the Group company accounts is available in our
Investor Hub: Orbit Annual Report and Financial Statements 2021 -
22
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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Orbit 3.375% (LSE:44EK)
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Orbit 3.375% (LSE:44EK)
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