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Name | Symbol | Market | Type |
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Karbon 3.375% | LSE:46GV | London | Bond |
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TIDM46GV
RNS Number : 0339R
Karbon Homes Limited
01 July 2022
Karbon Homes Group 01/07/2022 Karbon Homes Group trading update for the period ending 31 March 2022 -- Karbon Homes Group (KHG) is today issuing its consolidated trading update for the period ended 31 March 2022. -- These figures are unaudited and for information purposes only. Highlights for the period ending 31 March 2022 -- KHG own and manage 29,000 homes -- Karbon Homes Limited maintained its G1/V1 status from the Regulator for Social Housing on 29th June 2022, following an In-Depth Assessment. -- Turnover (excl. asset sales) for the period was GBP155.2m (2021: GBP142.4m) -- Operating surplus (excl. asset sales) for the period was GBP40.2m (2021: GBP37.1m) -- Overall operating margin (excl. asset sales) was 25.9% (2021: 26.1%) -- The surplus after tax for the period was GBP35.6m (2021: GBP22.1m) -- Gearing as at 31 March 2022 was 34.6% (2021: 35.9%) -- Return on capital employed for the period was 3.9% (2021: 3.5%) Commenting on the results, Scott Martin, Executive Director of Resources, said: 'Despite the challenges of 2021/22, we believe we can look back over the last year and celebrate all that we've achieved at Karbon. We've maintained a positive performance and are proud to present our draft financial results to 31st March 2022 in this release. Karbon has continued to invest and push forward with a number of new and exciting projects which will help us deliver on our strategic aims. During 2021, we refreshed our strategy and published our 'Stronger Foundations Strategy 2021-26', outlining our direction and priorities around Homes, Customer and Place over the next five years. Our colleagues were key in shaping our strategy, and we look forward to seeing it come to life through their passion and commitment. We had a strong year in terms of the provision of high quality affordable new homes, and delivered 458 new homes across a variety of tenures and geographies. This was despite ongoing supply chain and labour shortages following the COVID-19 pandemic and Brexit. Our commitment to playing our part in tackling the UK's housing crisis is unwavering. To help support our ambitious plans to develop over 4,000 homes in the next six years, we were pleased to achieve Strategic Partnership status with Homes England. Our aim to deliver 2,200 mixed tenure homes across the North East and Yorkshire will be supported by GBP131.5m in grant funding, and we are pleased to say that at least 50% of these schemes are already either underway or in the pipeline. The net zero challenge also continues to sit at the forefront of our plans. We've piloted more energy efficient building techniques through our new build programme and prioritised using renewable energy heating systems that achieve EPC A ratings. We've also continued to invest heavily in our existing homes, spending GBP30m during the year to, both, keep us on track to achieve EPC C rating across all our homes by 2030, as well as ensuring that our customers are as safe and secure. Our customers are at the heart of what we do every day. We're very pleased that our customer satisfaction scores continue to remain high, with a Net Promoter Score of +49.9 for the year, meaning that our customers' willingness to recommend Karbon to others is at a level considered to be 'excellent'. The Institute of Customer Service also awarded us with their 'ServiceMark' accreditation recently, making us one of only five housing associations to have achieved this, and the only one to do so in the North East. Our money, debt and benefits advice services have continued to be successful at Karbon with over GBP4.5m in income gains achieved for our customers during the year. This is more important than ever as we see our customers and communities affected by the increasing cost of living. In terms of our strategic aim around 'place', we've also begun work on a number of deeper place-based interventions in areas where we have a large concentration of homes. In Stanley (County Durham) we've worked closely with customers, stakeholders and community organisations to help us understand what we can do to develop opportunities for the economy of the town to grow and to help residents live more prosperous lives. Furthermore, in the North of Tyne region we secured GBP700k of funding from the UK Governments Community Renewal Fund to launch an employability programme. Finally, following a rigorous In-Depth Assessment (IDA) from the Regulator of Social Housing, we have recently retained the highest rating for both the governance and viability standard (G1/V1), showing we're in a strong position for the future. Our strong investment grade credit rating of 'A' Stable was also retained in May 2022 as well by our rating agency Standard & Poor's (S&P). S&P praised our experienced management team, solid risk management policies and highlighted our focus towards improving the quality of our assets. They also considered Karbon to have very strong liquidity to support our future plans. We look forward to updating the investor community further during the course of 2022-23." Unaudited Financial Metrics 31-Mar 31-Mar 2022 2021 Actual Actual GBP'000 GBP'000 Statement of Comprehensive Income Turnover (excl. asset sales) 155,186 142,400 Turnover (incl. asset sales) 163,186 146,355 Operating surplus (excl. asset sales) 40,180 37,140 Operating surplus (incl. asset sales) 43,989 38,757 Surplus after tax 35,646 22,096 Margins % % Overall operating margin (excl. asset sales) (Note 1) 25.9% 26.1% Overall operating margin (incl. asset sales) (Note 2) 27.0% 26.5% Key Financial Ratios EBITDA MRI interest cover (Note 3) 192.8% 212.4% Gearing (Note 4) 34.6% 35.9% ROCE (Note 5) 3.9% 3.5% 31-Mar 31-Mar 2022 2021 Liquidity 24 month liquidity requirement (GBP'000) (Note 6) 126,359 82,457 Cash and undrawn facilities (GBP'000) (Note 7) 247,070 282,389 Unencumbered stock (no of properties) 7,067 4,736 Value of unencumbered stock (average of EUV and MV, GBP'000) (Note 8) 258,915 170,729 Loan security excesses (average of EUV and MV, GBP'000) (Note 9) 157,151 112,341 Credit Rating 'A'; Outlook Stable - May S & P 2022 Notes: 1) Operating margin excluding asset sales removes the gain or loss on disposal of housing properties. 2) Operating margin including asset sales includes all activity 3) Earnings before interest, tax, depreciation and amortisation, major repairs included is defined as: (Operating surplus - Disposal of assets - Outright sales and first tranche SO surpluses + Depreciation & impairment - Amortisation - Capitalised major repairs) / Interest paid (reflecting the 'S&P Global methodology for rating public and non profit social housing providers', published 1st June 2021) 4) Gearing is defined as: Group Net Debt / Group Housing assets at historic cost less depreciation (RSH VFM Gearing definition). Karbon have chosen to include cash held in non ring-fenced investment accounts as available cash, 2022: GBP92.3m (2021: GBP83.3m). Removing this would result in the gearing calculations being 2022: 43.9% (2021: 45.0%). 5) Return on capital employed is defined as Operating Surplus (incl asset sales) / Total Assets less current liabilities 6) 24 month cashflow requirements 7) Cash, investments and undrawn revolving credit facilities 8) Value of stock not held by a lender or security trustee, at average GBP36k per unit 9) Value of excess security held with current lenders or security trustees This trading update contains certain forward looking statements about the future outlook for Karbon Homes Group. These have been prepared and reviewed by Karbon only and are unaudited. Forward looking statements inherently involve a number of uncertainties and assumptions. Although the Directors believe that these statements are based upon reasonable assumptions on the publication date, any such statements should be treated with caution as future outlook may be influenced by factors that could cause actual and audited outcomes and results to be materially different. Additionally, the information in this statement should not be construed as solicitation/recommendation to invest in Karbon's bonds. For further information, please contact: Andrew Thompson, Assistant Director: Treasury 07917 642957 https://www.karbonhomes.co.uk/corporate/
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July 01, 2022 06:34 ET (10:34 GMT)
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