StockMarketWire.com - Residential REIT group KCR Residential REIT narrowed annual losses as cost cuts boosted performance.

For the year ended 30 June 2021, pre-tax losses narrowed to £0.9 million from £3.6 million year-on-year, while revenue was flat at £1.04 million.

Portfolio level occupancy remained high, more than 95%.

Net total assets were marginally lower £24.4 million from £25.2 million in December last year.

'In London and the South-East, there continues to be a greater supply of studio, one- and two- bed flats in the letting market which is continuing to impact timeframes for re-letting and achievable rental levels,' the company said.

'As Covid related travel restrictions ease up we expect to see this position improve over the course of the current financial year.' Story provided by StockMarketWire.com