ReSI puts EPC in focus as it posts profit rise

Residential Secure Income has reported a rise in revenue and profit in its latest results, as it sets out plans to help its residents cope with the soaring cost of living. The company, which invests in retirement housing and shared ownership properties, posted a net asset value increase to £200.7m in the six months to 31 March, from £179.6m a year earlier. Adjusted EPRA earnings were up 37% year-over-year, to £4.2m, with net rental income up 25% to £7.6m. Robert Whiteman, chairman of ReSI, said the £375m portfolio “provides a strong basis for growth” and said the company is now focused on helping residents handle the UK’s rampant inflation.  Whiteman added: “The UK’s structural housing shortfall continues and with most of the population living in areas where home purchase is unaffordable, the fundamental need has never been stronger for new long-term investment into this sector. “With inflation increasing at levels not seen since the early 1980s, we’re conscious of the wider impact of price rises on household bills. To help keep residents’ bills down, and to continue to reduce the carbon impact of our housing, we are actively focused on improving the energy efficiency of our homes.” The company aims to upgrade 40% of its directly rented EPC D-rated properties to C within the next six months. ReSI’s target is for all its directly rented properties to have minimum C ratings by 2025.  “Our immediate focus is on upgrading all directly rented properties to a minimum EPC rating of C by 2025, and we are also developing a longer-term strategy to achieve net zero carbon emissions across the portfolio,” Whiteman said. To send feedback, e-mail akanksha.soni@eg.co.uk or tweet @EGPropertyNews