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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 : 6569D
RHP Finance PLC
22 June 2023
RHP Group trading update for the year ending 31 March 2023
-- Richmond Housing Partnership Group (RHP) is today issuing its consolidated trading update for the year ended 31 March 2023.
-- These figures are unaudited and for information purposes only.
Highlights for the period ending 31 March 2023
-- RHP own and manage 11,142 homes -- Turnover for the period was GBP67m (2022: GBP62m) -- Social housing lettings turnover contributed 85% of total turnover (2022: 87%) -- Operating surplus (including asset sales) for the period was GBP19m (2022: GBP16m) -- Operating margin on social housing lettings was 28% (2022: 27%) -- Overall operating margin (including asset sales) was 28% (2022: 26%) -- Overall operating margin (excluding asset sales) was 25% (2022: 21%) -- Net margin on shared ownership (first tranche) was 2 % (2022: 37%) -- Surplus after tax and pensions for the period was GBP14m (2022: GBP13m) -- Asset gearing was 57% (2022: 58%) -- Return on capital employed for the period was 3.7% (2022: 3.3%)
Commenting on the results, Corinna Bishopp, Executive Director of Finance, said:
We are pleased to publish our unaudited financial results for 22/23.
Despite difficult economic conditions and the significant impact of inflation and energy cost increases, our financial results show an improvement in performance compared to the prior year. In accordance with our strategy, our investment in our asset portfolio has increased to ensure we provide safe and secure homes for our customers, and we have invested in additional resource in order to improve our service. To deliver this within our financial constraints, we have adopted some careful financial controls to ensure we are prioritising our spend.
We note a particular ongoing challenge with our repairs service and corresponding customer satisfaction levels and are pleased to confirm our transition to a new repairs provider and new delivery model in June 2023 is going well. We are hopeful that 23/24 will deliver an improvement in service levels, faster turnaround of repairs and correspondingly customer satisfaction.
The Group's operating surplus was GBP19m (2022: GBP16m) and operating margin was 25% (2022: 21%). Continued development has ensured we continue to grow our turnover, and the first tranche sales of shared ownership properties has contributed GBP3.3m (2022: GBP2.3m) to our turnover and GBP0.1m (2022: GBP0.9m) to our overall surplus.
Our social housing cost per unit of GBP5,007 (2022: GBP4,803) has increased due to higher core operating spend and increased investment in our properties during the year.
The Group's total comprehensive income was GBP14.3m (2022: GBP12.8m) and RHP's subsidiary, Co-op Homes (South) Limited has contributed GBP0.6m (2022: GBP1.0m) to this overall surplus.
Our EBITDA-MRI margin at 32% (2022: 15%) 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 anticipate later than normal publishing of our audited results due to audit delays, however expect to deliver within regulatory and legal requirements.
Unaudited Financial Metrics
Statement of comprehensive income 31 Mar 2023 31 Mar 2022 Actual Actual --------------------------------------------- ------------ -------------- Turnover from social housing lettings GBP57m GBP55m Turnover GBP67m GBP62m Operating surplus (including asset sales) GBP19m GBP16m Surplus after tax and pensions GBP14m GBP13m --------------------------------------------- ------------ -------------- Margins 31 Mar 31 Mar 2023 2022 Actual Actual --------------------------------------------- ------------ -------------- Operating margin on social housing lettings 28% 27% Overall operating margin (inc asset sales) 28% 26% Overall operating margin (exc asset sales) 25% 21% Operating margin on shared ownership (first tranche) 2% 37% Key financial ratios 31 March 2023 Actual --------------------------------------------- ------------ -------------- EBITDA MRI Interest cover 132% Gearing 57% Liquidity 31 March 2023 Actual --------------------------------------------- ------------ -------------- 24-month liquidity requirement GBP42m Cash, short term investments and undrawn GBP173m facilities Retained bonds(10) GBP25m Unencumbered stock (EUV-SH) GBP127m Credit rating --------------------------------------------- ------------ -------------- S&P June 2023 (affirmed) A+ (negative)
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, deposits, undrawn loans and 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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END
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(END) Dow Jones Newswires
June 22, 2023 13:24 ET (17:24 GMT)
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