20SY Optivo 5.25%

TIDM20SY

RNS Number : 0137G

Optivo Finance PLC

21 July 2021

Publication of Optivo's Financial Statements for the year ended 31st March 2021

Financial Statements are now available online: https://www.optivo.org.uk/Leaflets-Publications/Financial-statements.aspx

Results are in line with our Preliminary Unaudited Accounts released 21(st) May.

-- Turnover GBP332m, (2019/20: GBP322m)

-- Operating Surplus GBP104m (2019/20: GBP90m)

-- Surplus before fair value movements: GBP51m (2019/20: GBP46m)

-- 90% (2019/20: 92%) of turnover from social housing activities.

The GBP10m increase in turnover was generated principally from rental income and open market sales (none in 19/20) from new homes completed.

Operating costs (excluding sales) decreased by GBP8m (4%) to GBP216m. Additional fire safety spend and higher routine maintenance costs resulted in a GBP4 million (7%) increase in maintenance costs. Service charge costs increased by GBP3 million (12%) and exceeded income of GBP28m, mainly due to additional fire safety spend and fees yet to be recovered. We've also released the GBP1.8m provision for rent bad debts (2019/20), as rent collection performance has remained strong in 2020/21. Social housing cost per unit decreased by GBP47 / home to GBP4,378.

Optivo invested GBP190m in new homes and GBP20m on improvements and component replacements in existing homes. We developed and let 552 new homes (mostly social housing tenures), and had a further 2,812 new homes under construction.

Interest cover (EBITDA-MRI) was 143% and gearing 46% on historical cost basis.

Optivo will hold a results call for investors at 10:00am on Friday 6 August. Please register interest with us at treasury@optivo.org.uk .

More information

https://optivoinvestors.co.uk/

Tariq Kazi

Director of Corporate Finance

tariq.kazi@optivo.org.uk

020 8036 2293

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July 21, 2021 08:02 ET (12:02 GMT)

Optivo 5.25% (LSE:20SY)
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Optivo 5.25% (LSE:20SY)
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