Notting Hill Genesis Half-year Report (8744U)

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RNS Number : 8744U

Notting Hill Genesis

27 November 2019

Notting Hill Genesis (NHG) has recorded a surplus of GBP51.7m in the half year to 30 September 2019, as well as completing 630 new homes. The total number of homes owned or managed is currently over 65,000.

NHG will use its surplus, as reported in its half year trading statement published today (27 November 2019) and available at http://www.nhggroup.org.uk/investors/financial-statements to invest in its existing homes as well as continuing its programme of creating thousands more homes across London. Due to the uncertainty in the housing market, this programme will remain at a slower pace than originally planned.

The results show turnover increased by 12% to GBP343.5m compared with the same period for last year and our operating surplus increased by GBP5.4m to GBP108.7m. The growth in operating surplus can be attributed primarily to an increase in market rent activities and to income from joint venture activities. However net interest paid has increased by 16.1% to GBP60.7m due to the increased level of debt being carried during the period and a lower level of interest capitalised, so the overall surplus decreased by GBP4.5m compared with last year.

A print friendly version of the half year trading statement is at the following link

https://www.nhggroup.org.uk/sites/notting-hill-genesis/files/2019-11/19-09-30%20NHG%20Half%20Year%20Trading%20Statement%20final.pdf

A print friendly version of the presentation to investors given at the Notting Hill Genesis funders day on 27 November 2019 is at

https://www.nhggroup.org.uk/sites/notting-hill-genesis/files/2019-11/19-11-27%20Funders%20Day%20Presentation%20Finalcs2.pdf

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November 27, 2019 07:45 ET (12:45 GMT)