Orbit Capital PLC Annual Financial Report (0192A)

TIDM61DS

RNS Number : 0192A

Orbit Capital PLC

24 September 2020

Publication of Financial Statements

Orbit Capital PLC

24(th) September 2020

Orbit Group, a leader in building thriving communities is pleased to announce the publication of its Annual Report for the twelve months to 31 March 2020.

Financial Highlights

   --    Turnover improved to GBP323 million (FY2019: GBP316 million) 
   --    Operating Surplus increased by 12% to GBP130 million (FY2019: GBP116 million) 

-- Operating Margin ahead at 40% (FY2019: 36.8%) - both the operating surplus and operating margin were in part due to strong cost control measures.

   --    Investment in stock up to GBP82.2 million (FY2019: GBP81 million) 

-- Investment in the community of GBP5.7 million (FY2019: GBP4.7 million) - directly benefitting our customers and enhancing the environment where they live through Orbit's Community Investment programme. The total included GBP3.3m of Orbit funding which leveraged a further GBP2.4m of inward investment

-- Investment in digital of GBP8.4 million (FY2019: GBP3.4 million) - the Orbit Apollo programme is an investment in IT designed to transform our service model to meet the needs of our diverse customer base through digital channels.

Operational Highlights

-- 1,520 new homes built, a 20% increase on the prior year (FY2019: 1,266 new homes) - over 78% of which are affordable homes

   --    The Group portfolio has grown to 44,753 properties (FY2019: 43,470) 

-- Customer satisfaction improved to 87% (FY2019: 86%) - the result of a constant evaluation of performance against our promise of excellence and our determination to provide great customer service. Further strides have been made this year to embrace the latest technology, giving more customers the ability to access our services digitally

-- Top 50 in The Sunday Times 100 Best Companies to Work For list (Not-for-Profit) - recognition of the Group's determination to make Orbit an employer of choice and a great place to work

-- Two RoSPA Gold Awards - we partner with RoSPA on its "Safer by design: framework to reduce serious accidental injury in new build homes". Safer by design is closely aligned to our own design standards and we are RoSPA's lead housing association partner on this project

-- Launch of Orbit 25 - the development of our new strategy will continue to deliver on our vision to lead in building thriving communities and build on Orbit's four strategic pillars of Service, Property, Profit and People

Commenting on the results Jonathan Wallbank, Group Finance Director, said:

"The group has performed well throughout a sustained period of economic uncertainty and successfully delivered a strong set of results.

"As we respond to the challenges created by the global coronavirus pandemic, our financial strength and resilience will help us maintain stability and continue to focus on our core objectives.

"We continue to deliver more affordable homes, improve the quality of our services and invest more in the local communities where we work.

"I am extremely proud and thankful to my colleagues across the organisation who have delivered these results and for everything they continue to do to support our customers."

A copy of the all Group company accounts are available in our investor hub

https://www.orbitgroup.org.uk/about-us/partner-with-us/investor-hub/

For further information please contact:

Charley Gibbons, Director of Strategy and Brand

   [e-mail]    07554 458962 

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September 24, 2020 05:50 ET (09:50 GMT)