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Civitas Social Housing hikes divided after rental income boost

Monday, 24th June 2019
Civitas Social Housing posted a positive annual performance after it almost doubled its rental income.

The company's net asset value per share for the year through March rose 1.5%.

Net rental income rose 92% to £35.7m.

Civitas Social Housing declared a full-year dividend of 5.0p per share, up 67% on-year.

'The UK has a chronic shortage of supported housing, with demand expected to increase further due to a range of factors including medical advances at birth and a growing and ageing population,' chairman Michael Wrobel said.

'The government sponsored Personal Social Services Research Unit projects a 55% growth in supported housing needs for working age adults with learning disabilities between 2015 and 2030.'

'This demand-supply imbalance along with continued government commitment to fund supported accommodation provides strong fundamentals for continued investment into the supported housing sector.'

'The company will continue to build on the successful and disciplined deployment to date and to seek opportunities to further enhance the portfolio within our capital resources.'

'The investment adviser has a pipeline of properties under negotiation and in various stages of due diligence.'

'Our confidence is reflected in our intention to target a dividend of 5.3p for the current financial year to March 2020.'

At 2:45pm: (LON:CSH) W Resources PLC formerly Caspian Holdings PLC share price was +0.9p at 79.7p

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