Accent Capital PLC Annual Financial Report (5790X)

TIDM93FO

RNS Number : 5790X

Accent Capital PLC

30 August 2022

Accent Capital PLC

30 August 2022

Accent Group Limited(1) Announces Financial Results for 2021/22

Accent's financial performance remains strong against an increasingly challenging and uncertain operating environment. Delivery against the core strategic aims is evident in outcomes.

Accent has seen turnover grow to GBP108.1m in the financial year to 31 March 2022 with headline operating margin holding strong at 25%. This is a reduction when compared to the previous year; however, the 2020/21 position was delivered against the backdrop of a COVID-19 restricted operating environment which resulted in the deferral of some day-to-day services. The year to March 2022 has seen Accent step out of these restrictions and remobilise services to customers resulting in a slight reduction in margin. Throughout the last two years, Accent has remained true to its core aim of keeping all its customers, staff and homes safe.

New development contributed GBP4.2m (grant) and GBP1.6m (profit) on the first tranche and open market sales to the overall results of the business, demonstrating the impact of Accent's development strategy in contributing to the financial capacity of the business.

Consolidated total comprehensive income was GBP69.9m. Other comprehensive income includes a GBP46.2m increase in the valuation of Accent's housing properties in addition to the usual actuarial adjustments relating to pensions (a net gain of GBP9.0m). Accent's pre-tax surplus position of GBP14.3m is in line with budget expectations.

Following the successful issuance of its GBP125m retained bond in October 2021, Accent holds a significant amount of liquid funds as of 31 March 2022 amounting to GBP164m plus undrawn, fully secured facilities of GBP95m available on short notice. This strong funding position gives Accent resilience when looking ahead into the 2022/23 financial year and the operating pressures that the sector is facing. Accent's capacity allows the organisation to continue with its core aim of delivering quality affordable homes to all customers, both existing and new.

In terms of key ratios for the 2021/22 financial year:

-- EBITDA-MRI(2) /Turnover (excluding grants) was 21.6% compared to 31.6% in 2020/21, reflecting the deferral of activity due to COVID-19 and the sale of supported housing in the prior year.

-- EBITDA-MRI/Interest expense reduced from 2.77x to 1.91x and Debt/EBITDA-MRI increased from 12.4x to 21.6x. Both movements were directly linked to the GBP125m retained bond issuance in October 2021.

Speaking of the results, Executive Director of Finance & ICT Kirsty Spark said:

"Despite an increasingly uncertain economic and operating environment, Accent has delivered a solid performance in the year to 31 March 2022. The operating performance alongside the successful issuance of the retained bond in October of 2021 has positioned Accent well to navigate the coming months and years whilst ensuring we can deliver against our core aims and ambitious strategic plan. The delivery of quality new homes alongside robust core services for all of our customers remains Accent's priority."

Chief Executive, Paul Dolan added:

"Given the dynamic and volatile operating environment, we are pleased to have sustained strong financial performance throughout the year. The cost-of-living crisis will place significant pressure on our customers and communities in the coming years and we intend to maintain strong financial outcomes despite that challenging backdrop. That means ensuring our business remains well run so we can continue to invest in our existing homes, new affordable homes along with the services our customers value most highly like repairs and maintenance."

Please follow the link below to view the Annual Report & Financial Statements for Accent Group Limited. The Annual Report & Financial Statements for Accent Capital PLC will appear on the investors' page of Accent's website shortly after the AGM to be held on 14 September 2022.

http://www.rns-pdf.londonstockexchange.com/rns/5790X_1-2022-8-30.pdf

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.

(1) Accent Group Limited is the ultimate holding company for Accent Capital PLC.

(2) Earnings before interest, depreciation and amortisation - major repairs included.

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