Notting Hill Housing Trust Trading Statement (2504I)
22 Noviembre 2018 - 8:59AM
UK Regulatory
TIDM61RH
RNS Number : 2504I
Notting Hill Housing Trust
22 November 2018
Notting Hill Genesis Trading Update for the period ended 30(th)
September 2018
The following trading update compares Notting Hill Genesis (NHG)
consolidated unaudited position for the six months ended 30(th)
September 2018 (Q2 2018) to the unaudited prior year equivalent
position being the six months ended 30(th) September 2017 (Q2
2017).
The unaudited Q2 2017 position is based on the combined legacy
Notting Hill Housing Group and Genesis Housing Association six
months management accounts adjusted to align accounting
policies.
Statement of Comprehensive Income Q2 2018 Q2 2017 Change
(GBPm) (GBPm)
Turnover 306.2 307.1 (0.9)
Cost of sales (30.4) (33.2) 2.8
Operating costs (197.3) (185.8) (11.5)
Surplus on disposal of fixed assets 24.8 28.5 (3.7)
Investment property revaluation - - -
Gains/losses from joint ventures - - -
-------- -------- -------
Operating profit 103.3 116.6 (13.3)
-------- -------- -------
Net interest payable (52.3) (51.0) (1.3)
Gains in respect of financial derivatives 5.2 10.1 (4.9)
-------- -------- -------
Surplus for the period 56.2 75.7 (19.5)
-------- -------- -------
Statement of Financial Position Q2 2018 Q2 2017 Change
(GBPm) (GBPm)
Housing properties 7,345.2 6,979.7 365.5
Other tangible assets 64.6 63.9 0.7
Investments 71.5 55.3 16.2
Net current assets 505.2 443.9 61.3
-------- -------- -------
Total assets less current liabilities 7,986.5 7,542.8 443.7
-------- -------- -------
Loans due in more than one year 3,183.8 2,977.8 206.0
Unamortised grant liability 1,204.6 1,047.6 157.0
Other long term liabilities 368.6 376.4 (7.8)
Capital and reserves 3,229.5 3,141.0 88.5
-------- -------- -------
Total funding 7,986.5 7,542.8 443.7
-------- -------- -------
Other information Q2 2018 Q2 2017 Change
Capitalised interest GBP17.1m GBP19.0m GBP1.9m
--------- --------- ----------
Housing depreciation GBP25.7m GBP25.6m (GBP0.1m)
--------- --------- ----------
Other depreciation GBP7.6m GBP7.2m (GBP0.4m)
--------- --------- ----------
Group debt was GBP3,253m (as at 31 March 2018: GBP3,268m) and
undrawn facilities at the end of September 2018 is GBP983m (as at
31 March 2018: GBP894m)
We have completed 230 properties since 1 April. An additional
138 units have been delivered via stock transfers or the purchase
and repair programme. Our overall programme is 11,800 units of
which 65% are designated as affordable tenures.
Budget
The Board set a budgeted surplus of GBP43.9m for the first six
months of operation of Notting Hill Genesis. The budget for the
first full year of operation to 31(st) March 2019 is GBP97.5m.
The budget includes no allowance for mark to market movements in
financial derivatives or for movements in the value of investment
properties. Investment properties have not been revalued at 30
September 2018
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 rns@lseg.com or visit www.rns.com.
END
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November 22, 2018 09:59 ET (14:59 GMT)
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