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Name | Symbol | Market | Type |
---|---|---|---|
Rhp Fin 48 | LSE:62ZW | London | Bond |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 104.259 | 0 | 01:00:00 |
TIDM62ZW
RNS Number : 9606O
RHP Finance PLC
15 June 2022
RHP Group trading update for the year ending 31 March 2022
-- Richmond Housing Partnership Group (RHP) is today issuing its consolidated trading update for the year ended 31 March 2022.
-- These figures are unaudited and for information purposes only.
Highlights for the period ending 31 March 2022
-- RHP own and manage 10,951 homes -- Turnover for the period was GBP63m (2021: GBP64m) -- Social housing lettings turnover contributed 87% of total turnover (2021: 84%) -- Operating surplus (including asset sales) for the period was GBP16m (2021: GBP19m) -- Operating margin on social housing lettings was 27% (2021: 36%) -- Overall operating margin (including asset sales) was 26% (2021: 30%) -- Overall operating margin (excluding asset sales) was 22% (2021: 29%) -- Net margin on shared ownership (first tranche) was 37% (2021: 7%) -- The surplus after tax and pensions for the period was GBP13m (2021: GBP7m) -- Asset gearing as at 31 March 2022 was 56% (2021: 58%) -- Return on capital employed for the period was 3.3% (2021: 4.0%)
Commenting on the results, Corinna Bishopp, Executive Director of Finance, said:
Our legacy of strong financial performance has enabled the Board to make important strategic choices in 2021/22 regarding additional investment. We are facing common challenges with the economy with regard to inflation, recruitment and retention of labour, and scarcity of key materials. This has resulted in particular challenges for our repairs service which have led us to increase investment in our customer service teams to improve service performance. We continue to invest more in the safety of our residents through fire safety and compliance activity.
While much of this spending is non-recurring, and it does not generate a definable financial return, these critical decisions do have an impact on our financial performance in the year compared to previous years; however, we are pleased to note a continued good performance and strong balance sheet.
The Group's operating surplus was GBP16m (2021: GBP19m) and operating margin of 22% (2021: 29%). Continued development has ensured we continue to grow our turnover, and the first tranche sales of shared ownership properties has contributed GBP2.3m (2021: GBP6.0m) to our turnover and GBP0.9m (2021: GBP0.4m) to our overall surplus.
Our social housing cost per unit of GBP4,832 (2021: GBP3,903) has increased due to higher core operating spend and increased investment in our properties during the year.
The Group's total comprehensive income was GBP12.8m (2021: GBP7.1m) and RHP's subsidiary, Co-op Homes (South) Limited has contributed GBP1.0m (2021: GBP0.5m) to this overall surplus.
Our EBITDA-MRI margin at 16% (2021: 29%) demonstrates the additional investment made, but still illustrates strong core performance that can comfortably cover the level of investment required to keep our homes in good condition.
We continue to see challenges in our development programme and due to the insolvency of one developer in 20/21 we have incurred a further impairment of GBP2.3m.
Unaudited Financial Metrics
Statement of comprehensive income 31 Mar 2022 31 Mar 2021 Actual Actual --------------------------------------------- ------------ ------------ Turnover from social housing lettings GBP55m GBP54m Turnover GBP63m GBP64m Operating surplus (including asset sales) GBP16m GBP19m Surplus after tax and pensions GBP13m GBP7m --------------------------------------------- ------------ ------------ Margins 31 Mar 31 Mar 2022 2021 Actual Actual --------------------------------------------- ------------ ------------ Operating margin on social housing lettings 27% 36% Overall operating margin (inc asset sales) 26% 30% Overall operating margin (exc asset sales) 22% 29% Operating margin on shared ownership (first tranche) 37% 7% Key financial ratios 31 March 2022 Actual --------------------------------------------- ------------ ------------ EBITDA MRI Interest cover 115% EBITDA MRI Interest Cover (before one-off impairment) 142% Gearing 56% Liquidity 31 March 2022 Actual --------------------------------------------- ------------ ------------ 24-month liquidity requirement GBP62m Cash and undrawn facilities GBP178m Retained bonds(10) GBP25m Unencumbered stock (EUV-SH) GBP61m Credit rating --------------------------------------------- ------------ ------------ S&P June 2021 (under review) A+ (stable)
Notes:
Operating surplus / Turnover
General Needs, Supported housing, Affordable rent and Low-cost home ownership tenures
Operating margin including asset sales includes all activity; operating margin excluding assets removes gain or loss on disposal of assets including first tranche shared ownership sales
Operating surplus on first tranche shared ownership sales / Turnover from first tranche shared ownership sales
(Operating surplus + Depreciation + Amortisation - Capitalised major repairs) / Net interest paid
Net Debt / Housing assets at historic cost
Net debt / Total units owned & managed
24-month cashflow requirement (before financing). Factors in cash generated from operating activities.
Cash and undrawn RCF
(10) Retained element of RHP Finance PLC 2048 bonds
This trading update contains certain forward-looking statements about the future outlook for RHP Group. These have been prepared and reviewed by RHP Group 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 the statement should not be construed as solicitation/recommendation to invest in RHP's bonds.
For further information, please contact:
Corinna Bishopp, Executive Director of Finance
Investor.relations@rhp.org.uk
https://www.rhp.org.uk/rhpui/investors
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June 15, 2022 05:15 ET (09:15 GMT)
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