RHP Finance PLC Trading Statement at 31 March 2020 (4062R)
29 Junio 2020 - 7:28AM
UK Regulatory
TIDM62ZW
RNS Number : 4062R
RHP Finance PLC
29 June 2020
Richmond Housing Partnership Group trading update for the year
ending 31 March 2020
-- Richmond Housing Partnership Group (RHP) is today issuing its
consolidated trading update for the year ended 31 March 2020.
-- These figures are unaudited and for information purposes only.
Highlights for the period ending 31 March 2020
-- RHP own and manage 10,461 homes
-- Turnover for the period was GBP58m (2019: GBP58m)
-- Social housing lettings turnover contributed 89% of total turnover (2019: 87%)
-- Operating surplus (including asset sales) for the period was GBP22m (2019: GBP21m)
-- Operating margin on social housing lettings was 37% (2019: 39%)
-- Overall operating margin (including asset sales) was 34% (2019: 35%)
-- Overall operating margin (excluding asset sales) was 34% (2019: 35%)
-- Net margin on shared ownership (first tranche) was 40% (2019: 22%)
-- The surplus after tax for the period was GBP4m* (2019: GBP13m)
-- Asset gearing as at 31 March 2020 was 59% (2019: 59%)
-- Return on capital employed for the period was 5.5% (2019: 5.4%)
"*" - During the year we repaid the full outstanding GBP74m loan
with Dexia Credit, which had various tranches with rates ranging
from 2.49% to 6.18%. This incurred break costs of GBP11m.
Commenting on the results, Corinna Bishopp, Executive Director
of Finance, said:
We are pleased to publish our provisional 2019/20 results. These
results confirm a consistently strong and stable business. We are
confident that we are able to withstand the turbulence that will
undoubtably be caused by the current pandemic and are proud of our
performance as a business both operationally and financially
through lockdown.
Although the full impact of the economic downturn is yet to be
understood, we have currently experienced rental loss of less than
2% and our modelling of the financial impact confirms our ability
to weather significant further reductions including extraordinary
impacts on our cashflow and operating margin.
To support our analysis, S&P Global confirmed our A+
(stable) rating in June 2020.
We look forward to continuing successes in delivering excellent
quality new and existing homes to customers and driving strong
financial results.
Unaudited Financial Metrics
Statement of comprehensive income 31 Mar 2020 31 Mar 2019
Actual Actual
--------------------------------------------- ------------ ------------
Turnover from social housing lettings GBP52m GBP51m
Turnover GBP58m GBP58m
Operating surplus (including asset sales) GBP22m GBP21m
Surplus after tax GBP4m GBP13m
--------------------------------------------- ------------ ------------
Margins 31 Mar 2020 31 Mar 2019
Actual Actual
--------------------------------------------- ------------ ------------
Operating margin on social housing lettings 37% 39%
Overall operating margin (inc asset sales) 34% 35%
Overall operating margin (exc asset sales) 34% 35%
Operating margin on shared ownership (first
tranche) 40% 22%
Key financial ratios 31 March
2020
Actual
--------------------------------------------- ------------ ------------
EBITDA MRI / Interest cover 95%
EBITDA MRI / Interest cover (excl. break
costs) 203%
Gearing 59%
Liquidity 31 March
2020
Actual
--------------------------------------------- ------------ ------------
24 month liquidity requirement 62.1m
Cash and undrawn facilities 52.1m
Unencumbered stock (EUV-SH) 178.4m
Credit rating
--------------------------------------------- ------------ ------------
S&P 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. Loan breakage costs do not
affect interest cover loan covenant calculations
Net Debt / Housing assets at historic cost
Net debt / Total units owned & managed
24 month cashflow requirement
Cash and undrawn RCF
This trading update contains certain forward looking statements
about the future outlook for RHP. These have been prepared and
reviewed by RHP 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
020 3166 2590
Investor.relations@rhp.org.uk
https://www.rhp.org.uk/rhpui/investors
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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