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One Heritage Group plc: Full year results for the year ending 30 June 2022

Released 07:00:16 25 October 2022
One Heritage Group plc (OHG)
One Heritage Group plc: Full year results for the year ending 30 June 2022 25-Oct-2022 / 07:00 GMT/BST
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One Heritage Group PLC (LSE: OHG), the UK-based residential developer focused on the North of England, is pleased to announce its audited results for the year ended 30 June 2022.

Financial highlights

  • 276% increase in revenue to £1.7 million from a combination of the disposal of a co-living property in Burnley, and revenues from development management, co-living, and property services.
  • Generated a loss at gross profit level of £0.7 million, impacted by a delay in the completion of its Lincoln House, Bolton development and an impairment of £1.3 million across two of its development projects due to construction price increases.
  • Operating loss of £2.1 million (FY21: £0.8 million loss)
  • Inventory increased from £7.2 million to £15.1 million due to expenditure on four developments that are expected to be completed in the financial year to 30 June 2023.
  • Raised £1.5 million via an unsecured corporate bond in March 2022.
  • Drew down £5.5 million in debt via Construction Finance Facilities, which was used to pay for development expenditure.
  • Utilisation of a further £5.4 million of the £7.5 million facility with One Heritage Property Development. At year end £7.2 million had been utilised leaving head room of £0.3million.
  • Net Debt has increased by £9.57 million from £5.38 million to £14.95 million.

Operating highlights

  • Construction is ongoing on three of the Group’s development projects totalling 68 residential units.
  • Signed a service agreement for co-living services and a further development management agreement which increases the Group’s development management projects to four.
  • Latest development management agreement on the One Victoria, Manchester development, was signed in April 2022.
  • Outstanding planning applications for St Petersgate, Stockport and Churchgate, Leicester were granted approval in February 2022 and August 2022, respectively. An outstanding application for Seaton House, Stockport expected to be determined by the end of 2022.

Post Period Events

  • Completed its first development, Lincoln House, Bolton post year-end in August 2022, which has made a positive change to its balance sheet.
  • A subscription at a price of 20.0 pence per share, with existing and new investors, raised gross proceeds of approximately £1,250,000 on 6 July 2022. One Heritage Property Development Limited, the majority shareholder in the Company, acquired 4,500,000 of the Subscription Shares.
  • A tenancy agreement, until August 2023 at the earliest, has been signed with Bolton NHS Foundation Trust for 62 of the 88 apartments at Lincoln House, Bolton.


  • The Group is expecting to complete a further three of its developments in the financial year.
  • Residential property services and co-living property services are both expected to expand in the coming period following completion of its developments and co-living properties under construction.
  • The Group anticipates and is looking at ways to mitigate against the continuation of cost pressures throughout the forthcoming period.


Jason Upton, Chief Executive Officer said:

“I am immensely proud of our people and the progress that the Group has made in what has been a challenging year for the industry. Our annual report provides a comprehensive view of the performance of the business and our strategy going forward with four strategic priorities outlined. Our environment is challenging, but there continues to be a lack of supply of quality residential accommodation in the UK, especially within areas of the North of England. We are particularly well-positioned to satisfy market demand in our chosen sectors, and confident in delivering upon our business strategy.”


CLICK TO READ THE FULL RNS or download the PDF below


Jason Upton

Chief Executive Officer



Anthony Unsworth

Chief Financial Officer



Hybridan LLP (Financial Adviser and Broker)

Claire Louise Noyce


Tel: +44 (0)203 764 2341