As works have been completed and the apartments let up, enhanced rental levels have been achieved. Revenue growth for the 2022 financial year has been driven by the work completed to date on modernising and improving the standard of the property portfolio. explore the development opportunity within the portfolio and.improve the rental revenue from the existing properties.As outlined in both last year's Annual Report and the Interim Report for this financial year, the strategy remains to: Whilst the impact of Covid-19 appears to now be behind us, increasing interest rates, cost of living pressure and supply chain disruption bring ongoing challenges for the business.ĭuring the financial year, and as reported at the half year, we have been continuing with the transition of the business. This last year has seen continued growth of the business in an environment that has remained uncertain. The Directors intend that the group will acquire, develop and manage residential property assets in a number of jurisdictions including the UK. KCR's objective is to build a substantial residential property portfolio that generates secure income flow for shareholders. James Caithie / James Lewis / Louise O'Driscoll This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement. Richard Boon's past directorship disclosure should have stated that he was previously a director of Artefact Partners (Cayman) Limited, not Artefact Partners (Cayman) LLP. In the announcement of 25 July 2022 "Historic Disclosures and Related Party Transactions". Progress continues to be made to create a stable platform that can be successfully scaled-up. § Make acquisitions to increase scale (subject to pricing / value drivers). § Control of core running costs within incremental reductions where possible and § Roll out of property management software across the Group to provide a centralised platform to support growth and enhanced management capability § Continuing to progress planning works at Chymedden and Ladbroke Grove § Complete Coleherne Road and let up the last two flats § Conversion of Deanery Court to self-managed under the Cristal Apartments "walk in walk" out model The focus of this year has been on the letting up of the Coleherne Road property following refurbishment, refurbishing the additional flat acquired at Heathside, maintaining high occupancy across the portfolio, and keeping corporate and operating costs to a minimum.Ĭurrent focus to drive value over the next financial year is: Net asset value per share reduced to 32.82 pence (2021: 40.18 pence) primarily driven by the impact of partial option exercise.įocus on cost management and improving operational performance continues to minimise cash burn from operating activities. § Total assets increased to £27.37 million (up from £24.41 million in 2021) following the partial exercise of the Torchlight option. Rental increases continue to be achieved at renewals / re-lettings. § Portfolio level occupancy has remained close to 100% of all available flats (currently one flat across the portfolio is vacant and in the process of being re-let). § Revenue for the financial year increased by 23.6% (to £1.28 million up from £1.04 million in 2021) - largely underpinned by the letting up of Coleherne Road during the December quarter following completion of refurbishment works to eight of the ten flats. The Annual Report will shortly be available from the Company's website, and will be distributed to shareholders in the coming days. KCR Residential REIT Plc is pleased to announce its annual results for the year ended 30 June 2022.
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