TIDM76FQ
RNS Number : 2884Z
LiveWest Treasury PLC
12 May 2023
LiveWest Trading Update for the 12 months ended 31 March
2023
LiveWest issues its unaudited group trading update for the 12
months ended 31 March 2023, with comparatives to the audited
position for the 12 months ended 31 March 2022.
Financial and Operating Performance
Turnover for the year of GBP300m is GBP29m higher than in 2022
(GBP271m) due to GBP10m higher rental and other lettings income and
GBP19m higher shared ownership and open market sales.
Operating costs were GBP28m higher in the year mainly as a
result of GBP15m higher cost of sales of the sale of shared
ownership and open market homes, repair costs GBP8m higher (due to
an increase in damp and mould related volumes and spend, higher
planned spend as a result of fire safety works and higher cost
responsive repairs).
Surplus for the period is GBP54m (2022: GBP53m) Movement in Fair
Value of Financial Instruments has increased our surplus for the
period by GBP6m (2022: GBP1m). This improvement reflects increases
to the yield curve in the year, reducing the liability of our one
swap instrument which is not hedge accounted.
Statement of Comprehensive Income
12 Months 12 Months
Mar-23 Mar-22
GBPm GBPm
Turnover 300 271
Operating Costs (239) (211)
Surplus on Disposal of Properties 16 19
Operating Surplus 77 80
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Net Interest Payable (28) (30)
Revaluation of Investment Property (1) 3
Movement in Fair Value of Financial
Instruments 6 1
Surplus for the period 54 53
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Financial Indicators
12 Months 12 Months
Mar-23 Mar-22
Operating Margin on Social Housing
Lettings 23% 26%
Gross Margin on Shared Ownership
Sales 22% 21%
Gross Profit Margin on Open Market
Sales 19% 19%
Sales as Percentage of Turnover 29% 26%
------------------------------------- ---------- ----------
Sales of open market (our share only, if part of a joint
venture) and shared ownership homes totalled 441 units for the year
(2022: 403).
Sales and margins on housing sales continue to perform strongly,
with margins stable compared to 2022. As at 31 March 2023, we had
105 shared ownership stock units, of which 44 were unreserved
(March 2022: 64 stock/13 unreserved), and 7 open market stock units
(our share only, if part of a joint venture), of which 4 were
unreserved (March 2022: 10 stock 3 unreserved).
Housing Properties (net of depreciation) have increased to
GBP2,317m from GBP2,227m at March 2022. Net Debt has increased to
GBP941m (March 2022: GBP913m).
Customer satisfaction is 86% (March 2022: 87%). Void losses for
our general needs stock were 0.54% (March 2022: 0.56%). Rent
arrears were 1.83% (March 2022: 2.03%).
Liquidity
At 31 March 2023 LiveWest had liquidity of GBP377m, consisting
of available undrawn facilities of GBP365m, and available cash of
GBP12m.
Development
988 homes for rent and shared ownership were handed over in the
year (2022: 800). We have a contracted pipeline of 2,006 affordable
homes (March 2022: 2,414).
Building Safety
At 31 March 2023 100% of homes had an up to date Fire Risk
Assessment (March 2022: 100%). 100% of homes had a valid Gas Safety
Certificate (March 2022: 99.99%) and 100% of rented homes met the
Decent Homes Standard (March 2022: 100%).
Board and Executive Team Changes - 12 months to March 2023
There have been no changes to the Board in the year to March
2023.
LiveWest Treasury plc: there were no changes to the membership
of the board.
LiveWest Rating
LiveWest Homes Ltd is rated A2 (negative) by Moody's (Mar 2023),
and G1/V1 by the Regulator of Social Housing (December 2022).
END
For more information, please contact:
Andrew Hart, Director of Corporate Finance 01392 814444
https://www.livewest.co.uk/about-us/for-investors
Disclaimer
The information contained herein (the "Trading Update") has been
prepared by LiveWest Homes Limited (the "Parent") and its
subsidiaries (the "Group"), including LiveWest Treasury plc (the
"Issuer") and is for information purposes only.
The Trading Update should not be construed as an offer or
solicitation to buy or sell any securities issued by the Parent,
the Issuer or any other member of the Group, or any interest in any
such securities, and nothing herein should be construed as a
recommendation or advice to invest in any such securities.
Statements in the Trading Update, including those regarding
possible or assumed future or other performance of the Group as a
whole or any member of it, industry growth or other trend
projections may constitute forward-looking statements and as such
involve risks and uncertainties that may cause actual results,
performance or developments to differ materially from those
expressed or implied by such forward-looking statements.
Accordingly, no assurance is given that such forward-looking
statements will prove to have been correct. They speak only as at
the date of the Trading Update and neither the Parent nor any other
member of the Group undertakes any obligation to update or revise
any forward-looking statements, whether as a result of new
information, future developments, occurrence of unanticipated
events or otherwise. The information contained in the Trading
Update is unaudited.
None of the Parent, any member of the Group or anyone else is
under any obligation to update or keep current the information
contained in the Trading Update. The information in the Trading
Update is subject to verification, does not purport to be
comprehensive, is provided as at the date of the Trading Update and
is subject to change without notice.
No reliance should be placed on the information or any
projections, targets, estimates or forecasts and nothing in the
Trading Update is or should be relied on as a promise or
representation as to the future. No statement in the Trading Update
is intended to be a profit estimate or forecast. No representation
or warranty, express or implied, is given by or on behalf of the
Parent, any other member of the Group or any of their respective
directors, officers, employees, advisers, agents or any other
persons as to the accuracy or validity of the information or
opinions contained in the Trading Update (and whether any
information has been omitted from the Trading Update). The Trading
Update does not constitute legal, tax, accounting or investment
advice.
Figures quoted in the update are based on unaudited management
accounts which are subject to review and further adjustments, for
example in the areas of pensions, investment property valuation and
taxation.
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END
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