TIDM61DS
RNS Number : 4979W
Orbit Capital PLC
22 December 2021
Orbit Group Limited's Interim Performance Update covering the
six-month period to 30(th) September 2021
Throughout the first half of the financial year, we have focused
efforts on our returning to more normal working practices from the
Covid-19 pandemic, prioritising the protection of our customers,
our people and our finances.
Our commitment to customer and employee safety, our business
agility and efficient planning, has enabled us to meet these
changing circumstances.
Our first Environmental, Social and Governance (ESG) report was
published during the period. Set against the social housing
sector's Sustainability Reporting Standard, of which Orbit is an
early adopter, the report also details Orbit's ESG strategy, which
provides the business with a formal and measurable structure to
deliver its commitment to create a better society.
Highlights
-- Turnover for the year to date was GBP189.3m (2020/21 H1: GBP151.2m)
-- Operating surplus for the year to date was GBP59.8m (2020/21 H1: GBP51.0m)
-- The surplus for the year to date was GBP33.4m (2020/21 H1: GBP24.1m)
-- Up to 30(th) September 2021, Orbit completed 393 new homes of
which 306 were affordable (2020/21 H1: 240)
-- Securing second Homes England Strategic Partnership bid,
bringing total number of homes to be delivered under the
partnership to over 4,000.
-- Winning Outstanding Tenant Engagement (over 10,000 homes) in
the TPAS Awards 2021 for our Customer Engagement offer
Performance Update
The performance of the core social housing business has remained
consistent throughout the pandemic. Market sales activity has
rebounded since the lifting of the last lockdown with strong market
conditions. This has resulted in turnover and operating surplus
being higher than for the same period last year.
There were 393 new homes completed in the first six months of
the year, with market sales of 139 homes and sales of the initial
tranche of shared ownership properties of 157 homes. These figures
are broadly in line with the 2021/22 budget. Forward sales are
robust with 51 reservations at 30(th) September 2021 (22 market
sale homes and 29 first tranche shared ownership homes).
The period also saw further progress in Orbit's Stock
Densification Strategy with a stock swap with Midland Heart, where
the business took ownership of approximately 500 homes from Midland
Heart, predominantly in the Milton Keynes and South Warwickshire
areas, and Midland Heart took ownership of around 600 homes from
Orbit in East Staffordshire.
Housing fixed assets total GBP2.8bn. Net debt at the period end
was GBP1.4bn with GBP0.6bn of available liquidity.
Credit Rating
Moody's confirmed Orbit's A3 rating and stable outlook on 14
December 2021, quoting Orbit's credit strengths as including ample
liquidity, a strong market position, simple structure, adept
governance and risk management.
Comment from Jonathan Wallbank, Group Finance Director: "I am
very pleased with the financial performance for the first half of
the year and thank the Orbit team for the work they have
contributed to the results. These results reflect Orbit's
resilience and strength as a business. Protecting our customers,
our people and our finances remains our priority for the second
half of the year whilst also delivering against our strategic
objectives."
ENDS
Disclaimer: The information contained herein (the "Interim
Update") has been prepared by Orbit Group Limited (the "Parent")
and its subsidiaries (the "Group"), including Heart of England
Housing Association Limited, Orbit South Housing Association
Limited, Orbit Capital PLC (the "Issuers") and is for information
purposes only and has not been subject to external audit.
The Interim Update should not be construed as an offer or
solicitation to buy or sell any securities issued by the Parent,
the Issuers or any other member of the Group, or any interest in
any such securities, and nothing herein should be construed as a
recommendation or advice to invest in any such securities.
Statements in the Interim Update, including those regarding
possible or assumed future or other performance of the Group as a
whole or any member of it, industry growth or other trend
projections may constitute forward-looking statements and as such
involve risks and uncertainties that may cause actual results,
performance or developments to differ materially from those
expressed or implied by such forward-looking statements.
Accordingly, no assurance is given that such forward-looking
statements will prove to have been correct. They speak only as at
the date of the Interim Update and neither the Parent nor any other
member of the Group undertakes any obligation to update or revise
any forward-looking statements, whether as a result of new
information, future developments, occurrence of unanticipated
events or otherwise.
None of the Parent, any member of the Group or anyone else is
under any obligation to update or keep current the information
contained in the Interim Update. The information in the Interim
Update is subject to verification, does not purport to be
comprehensive, is provided as at the date of the Interim Update and
is subject to change without notice.
No reliance should be placed on the information or any
projections, targets, estimates or forecasts and nothing in the
Interim Update is or should be relied on as a promise or
representation as to the future. No statement in the Interim Update
is intended to be an estimate or forecast. No representation or
warranty, express or implied, is given by or on behalf of the
Parent, any other member of the Group or any of their respective
directors, officers, employees, advisers, agents or any other
persons as to the accuracy or validity of the information or
opinions contained in the Interim Update (and whether any
information has been omitted from the Interim Update). The Interim
Update does not constitute legal, tax, accounting or investment
advice.
https://orbitgroup.org.uk/investor-hub/
Note: Figures quoted in the update are based on unaudited
management accounts which are subject to review and further
adjustments, for example in the areas of pensions, investment
property valuation and taxation.
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END
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December 22, 2021 05:29 ET (10:29 GMT)
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