TIDM76FQ
RNS Number : 2327S
LiveWest Treasury PLC
09 November 2023
LiveWest Trading Update for the 6 months ended 30 September
2023
LiveWest issues its unaudited group trading update for the 6
months ended 30 September 2023, with comparatives to the unaudited
position for the 6 months ended 30 September 2022 and audited
position for the 12 months ended 31 March 2023.
Sustainability Reporting Standard
We are pleased to announce the publication of our Sustainability
Report for 2022/23 . The report can be obtained by clicking the
link or accessing our sustainability page at
https://www.livewest.co.uk/about-us/sustainability.
Financial and Operating Performance
Turnover for the period of GBP150m is comparable to 2022
(GBP151m) with higher rental and social income of GBP12m being
offset by lower current asset sales receipts of GBP13m . While we
are experiencing a more challenging sales market , we remain
confident that we will meet our profit targets.
Operating costs are GBP3m lower in the period. We have incurred
slightly higher maintenance costs of GBP2m which offsets lower cost
of sales for shared ownership and open market home sales. Overall,
the impact on the operating margin has been a small increase to
25%.
Surplus for the period is GBP24m (2022: GBP25m). The reduction
is primarily due to a lower surplus on disposal of housing fixed
assets and increased interest costs.
Statement of Comprehensive Income
6 Months 6 Months 12 Months
Sep-23 Sep-22 Mar-23
GBPm GBPm GBPm
Turnover 150 151 300
Operating Costs (116) (119) (240)
Surplus on Disposal of Properties 5 7 16
Operating Surplus 39 39 76
--------- ---------
Net Interest Payable (15) (14) (28)
Movement in Fair Value of Financial
Instruments - - 6
----------
Surplus for the period 24 25 54
--------- --------- ----------
Financial Indicators
6 Months 6 Months 12 Months
Sep-23 Sep-22 Mar-23
Operating Margin on Social Housing
Lettings 25% 23% 27%
Profit Margin on Shared Ownership Sales 16% 15% 16%
Profit Margin on Open Market Sales 19% 19% 19%
Sales as Percentage of Turnover 22% 30% 29%
----------------------------------------- --------- --------- ----------
Sales of open market (our share only, if part of a joint
venture) and shared ownership homes totalled 182 units for the
period (2022: 213).
Sales and margins on housing sales continue to perform well
despite the challenging market. We are monitoring the impact of
increased mortgage rates. As at 30 September 2023, we had 96 shared
ownership stock units of which 24 were unreserved (September 2022:
59 stock units,7 unreserved) and 15 open market stock units (our
share only, if part of a joint venture) and 7 were unreserved
(September 2022: 9 stock units, 4 unreserved).
Housing Properties (net of depreciation) have increased to
GBP2,376m from GBP2,318m at March 2023. Net Debt has increased to
GBP995m (March 2023: GBP963m).
Customer satisfaction is 85% (September 2022: 85%). Void losses
for our general needs stock were 0.73% (September 2022: 0.69%),
which remains top quartile performance in the sector compared to
HouseMark. Rent arrears were 2.40% (September 2022: 2.28%). The
average days to re-let our general needs stock is 42.6 (September
2022: 31.5 days), up slightly from 39 in March 2023. We are taking
the opportunity to carry out planned maintenance and energy
efficiency works on our homes as they become void.
Liquidity
At 30 September 2023 LiveWest had liquidity of GBP358m,
consisting of available undrawn facilities of GBP340m, and
available cash of GBP18m.
Development
295 affordable units were handed over in the period (2022: 398).
We have a contracted pipeline of 2,294 affordable homes (March
2023: 2,006).
Building Safety
At 30 September 2023 99.82% of homes had an up to date Fire Risk
Assessment (March 2023: 100%). 100% of homes had a valid Gas Safety
Certificate (March 2023 100%) and 100% of rented homes met the
Decent Homes Standard (March 2023: 100%).
Board and Executive Team Changes - 6 months to September
2023
On 1 July 2023, Andrew Sloman became the Executive Director of
Finance of the LiveWest Homes group. Mr Sloman has been with
LiveWest for 17 years, most recently as Director of Financial
Services.
The appointment is part of the transition to the planned
retirement in March 2025 of Melvyn Garrett, the former Executive
Director of Finance and Deputy Chief Executive. Until that date Mr
Garrett will remain as Deputy Chief Executive, with responsibility
for People and Communications. He will also retain his seat on the
Board of LiveWest Homes Limited and its subsidiary companies.
On the 31 July 2023 Jenefer Greenwood retired from the Board.
Following this Christopher Balch (previously an independent
advisor) was appointed as Board member on 1 August 2023.
The Group Chair, Linda Nash retired on 10 September 2023 having
served her maximum term. She has been replaced as Group Chair by
Board member Jaqueline Starr.
There were no changes to the Board of LiveWest Treasury plc.
LiveWest Rating
On 20 October 2023 Moody's changed the rating outlook for the UK
from negative to stable. On 25 October 2023 LiveWest, along with 32
other HAs had its rating outlook changed from negative to stable by
Moody's. LiveWest Homes Ltd is now rated A2 (stable) by Moody's,
and G1/V1 by the Regulator of Social Housing (Dec 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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(END) Dow Jones Newswires
November 09, 2023 12:06 ET (17:06 GMT)
Livewest Try 43 (LSE:76FQ)
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