Moat Homes Limited Investor Presentation and Unaudited Results (4062T)

TIDM79NB

RNS Number : 4062T

Moat Homes Limited

20 July 2020

Announcement of Investor Presentation and Meetings and Unaudited Results for 2019/20

Moat Homes Finance Plc

Moat Homes Limited

GBP300,000,000 5 per cent. Secured Bonds due 2041

Dated 20(th) July 2020

Moat Homes Finance Plc (issuer) and Moat Homes Limited (the parent), will be hosting investor meetings over the next two weeks. Investors will be updated generally at the meetings and it is possible that a sale of some or all of the Issuer's retained bonds may follow.

It is the intention that the investor presentation to be used at these meetings will be uploaded to the Moat Homes website following publication via RNS. Meetings will be held by webinar.

For further information, including joining details, please contact Greg Taylor, Executive Director - Finance and Corporate Services, on the details below.

The audited accounts for the period ended 31 March 2020 are expected to be published in early August in the normal manner. Moat Homes Finance Plc and Moat Homes Limited are issuing the following additional information as a performance update for the year to 31 March 2020, all numbers presented on a consolidated group basis and unaudited at this stage:

-- Unaudited turnover for 2019/20 is GBP141.7m, an increase from GBP130.4m the previous year. Of this, GBP103.2m (previous year - GBP99.6m) is comprised of social housing lettings income, with the majority of the balance being, as in the previous year, first tranche sales income from shared ownership homes.

   --    Unaudited total comprehensive income was GBP26.6m (previous year - GBP25.3m). 

-- Unaudited operating surplus before gains on disposal of fixed assets was GBP38.2m (previous year GBP37.7m)

-- Gains on disposals of fixed assets were GBP5.3m lower at GBP11.8m (previous year - GBP17.1m). The previous year included gains on asset disposals of GBP2.9m which completed Moat's stock rationalisation program. The balance primarily reflects reduced staircasing activity and redemptions of equity loans on customers' homes.

-- Moat continues to have a very low element of revenue not from social housing activities, less than GBP1m in 2019/20.

-- As at 31(st) March 2020 the unaudited net book value of fixed assets is GBP1,558m (previous year - GBP1,486m). The current assets figure for homes held for sale is GBP83.6m (previous year - GBP80.5m).

-- Moat completed 553 new homes in the year (previous year - 500), of which 166 were for rent, 361 were for shared ownership and 26 for market tenures. Going forward the development programme has shifted towards more homes for rent and fewer for shared ownership, with ongoing very low numbers of homes built for market rent or outright sale.

-- Moat completed a tap of the 2041 bond in November 2019, selling GBP100m and creating GBP50m of additional bonds which are retained at the present time.

For further information please contact:

Greg Taylor

Executive Director - Finance and Corporate Services

[e-mail]

Disclaimer: The figures included in this announcement for the financial year 2019/20 are unaudited and are therefore subject to change and should not be relied on. Moat Homes Finance Plc and Moat Homes Limited are not under any obligation to update or revise the information contained in this announcement (other than in due course through the publication of audited annual accounts). This statement is neither recommendation nor advice and is not an offer or solicitation to buy or sell any securities.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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July 20, 2020 03:00 ET (07:00 GMT)