27 April 2017 – trading update
The company has revealed that trading in the half year to 31 March 2017 was in line with expectations. Net capacity at the half year was 2,359 places (2016: 2,319 places). Compared with 30 September 2016, occupancy levels in the mature estate were unchanged at 93% and the blended occupancy was also unchanged at approximately 86%. Net debt reduced to £123.0m at 31 March 2017 from £156.9m at 30 September 2016. The company raised £39m gross through a share placing and spent money on the expenses of the placement and on additional capital expenditure. There was investment in new properties purchased, to open later in the year as residential services when refurbished, and further investment in IT systems. We retain our BUY rating.