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QuotedData’s morning briefing 17 January 2024 – RICA, ACRM, APEO, SHED, PRSR

230209 morning

In QuotedData’s morning briefing 17 January 2024:

  • Ruffer Investment Company (RICA) has provided an update for the six months to December 31 2023. The NAV total return was 0.6% and the share price total return was 0.3%. For the calendar year this was -6.2% and the share price total return was -10.6%. The managers note that 2023 was almost the mirror image of the previous year, with their unconventional protective toolkit going from the key driver to the primary detractor of performance. The largest cost to the portfolio was credit protections detracting over 3% despite credit conditions tightening significantly.
  • Acuity RM Group (ACRM) has provided a year end update for the 9 months since April 2023 when the group acquired Acuity Risk Management Limited. Acuity has achieved its highest order intake, record revenues and won its largest ever contract. Further, KPI measures remain strong with indications of accelerating growth into 2024. Revenues for Acuity in the nine months trading since April 2023 to 31 December 2023 are expected to be c£1.4m (revenue for the 12 months ended 31 March 2023 £1.75).
  • Urban Logistics REIT (SHED) announced a lettings update in which it had completed seven lease events (covering more than 400,000 sq ft) since 1 October 2023 that achieved like-for-like increases in passing rent of 31% and generated an additional £0.5m in rental income. A further two lettings are under offer or in solicitors’ hands. The company said that it had witnessed a more active occupational market in recent months.
  • abrdn Private Equity Opportunities Trust (APEO) updated the market on its December NAV which as at 31 December 2023 was estimated to be 763.2 pence per share, a 0.2% increase from the month of November.
  • PRS REIT (PRSR) gave an update on the quarter to 31 December 2023 that saw it add a further 135 rental homes to its portfolio, which now comprises 5,264 homes. The company’s homes delivery programme is now at a very mature stage, with overall delivery 95% complete. The estimated rental value (ERV) of the 5,264 completed homes is £60.3m per annum. A further 312 homes, with a combined ERV of £3.1m, are contracted and under way, at varying stages of the construction process. Once these homes have been completed, the ERV of the portfolio is expected to increase to £63.4m per annum. 97% (or 5,087) of the 5,264 completed homes are occupied, with a further 47 homes reserved for applicants who had passed referencing and paid rental deposits, giving an occupancy rate of 98%. Like-for-like rental growth for the 12 months to 31 December 2023 was 11% (2022: 6%) [very impressive!]. Rent collection for the period was 99%. The affordability ratio (rent as a proportion of gross household income) of the portfolio is 22%, well within Homes England’s upper guidance limit of 35%.

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