RSL sector turnover increases 3.2 per cent
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Turnover for Scotland’s Registered Social Landlords (RSLs) increased by 3.2 per cent to over £1.58 billion during 2015/16 compared to the previous 12 months, according to new statistics published by the Scottish Housing Regulator.
Based on RSLs audited financial statements for the year ended 31st March 2016, the newly released financial statistics incorporate the FRS 102 changes for the first year.
The Regulator has also published the figures for 2014/15 re-stated into FRS102 format.
Initial analysis of the 2015/16 statements indicate that operating costs were £1.28bn (14/15, £1.23bn) representing 80.9 per cent (14/15, 80.4 per cent) of turnover while staff costs at £411.1 million (14/15, £404.9m) remain as the single largest item of operating expenditure.
Cash flow from operating activities increased by 9.9 per cent to £454.2m (14/15, £413.2m); and actual interest cover remained constant at 291 per cent.
The statements now include pensions liabilities and deferred income in relation to grants received on the Statement of Financial Position.
More detailed analysis and regulatory comment will be published during 2017 as part of the annual review of the RSL sector’s 2015/16 financial position.
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