Residential Secure Income FY2021 Pretax Profit Jumps on Rental Growth

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by Javier Fontdegloria

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Residential Secured Income Plc on Wednesday reported higher pretax profit for FY21 on higher earnings growth and revaluation of its properties.

The investor in affordable ownership, retirement and local authority housing posted a pretax profit of £11.2 million ($14.9 million) for the year ended September 30, compared to a pretax profit of GBP2.4 million a year ago.

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Total income stood at GBP39.6 million, up from GBP32.2 million a year earlier. The company said earnings growth was driven by reaching nearly full occupancy in the existing shared ownership portfolio, fully deploying leveraged capital, and returning to pre-pandemic levels within the retirement portfolio.

Residential Secured Income declared a dividend of five pence per share for FY 2021, and said the dividend target for FY22 has been raised to 5.16 pence per share.

Write to Xavier Fontdegloria at [email protected]

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