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Financial commentary
06 FINANCE
FINANCIAL COMMENTARY ANNUAL REPORT 2019–2020
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An increase in the number of properties, both owned and managed, has resulted in another year of strong revenue growth for Evolve Housing Ltd for the 2019-20 financial year.
Through a focus on cost management, whilst still investing in our people, systems and asset management programs to deliver high quality customer service, the business has been able to deliver another year of solid profitability.
A key highlight from this years’ result is the robustness of our business model across all
metrics despite the challenges brought about through COVID-19 and the wider impacts on the economy generally.
Of particular note is the management of property rental income and tenant wellbeing which resulted in the business actually seeing a decrease in rental arrears compared to previous years.
Evolve Housing, from a balance sheet perspective, has increased its total net assets through a combination of increased properties, growth in cash balances and strong management of working capital.
Cash flow management has also been a key focus resulting in an overall increase in cash held of $15.4M which has positioned the business well to embark on further growth and investment in future years.
