Boston Mayflower Finance PLC Announcement of Investor Presentation and Meetings (0746O)
27 Mayo 2020 - 4:18AM
UK Regulatory
TIDM90IY
RNS Number : 0746O
Boston Mayflower Finance PLC
27 May 2020
Announcement of Investor Presentation and Meetings
Boston Mayflower Finance PLC
27 May 2020
Boston Mayflower Finance PLC
GBP150,000,000 4.321 per cent. Guaranteed Secured Bonds due
2059
Dated 27 May 2020
Boston Mayflower Finance PLC and Lincolnshire Housing
Partnership, the Guarantor, are hosting investor meetings in line
with the announcement released on 18 May 2020.
The audited accounts for the period ended 31 March 2020 are
expected to be published later in the summer in the normal
manner.
Boston Mayflower Finance PLC and Lincolnshire Housing
Partnership are issuing the following additional information as a
performance update for the year to 31 March 2020, all numbers
presented on a consolidated group basis:
-- Unaudited turnover in the most recent management accounts,
for the full year 2019/20, is GBP53.0m being comprised of GBP49.3m
of social housing lettings income and other items including GBP2.0m
of first tranche sales income.
-- After adjusting for actuarial gains on the company's pension
schemes, amounting to GBP4.3m, the latest unaudited management
figure for net comprehensive income is GBP13.1m.
The audited accounts for the year to 31 March 2019 covered the
merger between the two predecessor organisations Boston Mayflower
and Shoreline Housing Partnership, which completed on 3 April 2018,
and there are some material one-off items included. The following
table summarises the position and includes the above figures:
(GBPm or %) 2018/19 statutory Material Adjusted 2019/20 management
accounts one-off 2018/19 accounts
items
*
========================== ================== ========= ========= ===================
Turnover 53.6 53.6 53.0
========================== ================== ========= ========= ===================
Operating income 9.9 5.8 15.7 15.9
Operating margin 18% 29% 30%
========================== ================== ========= ========= ===================
Surplus after tax (1.1) 10.0 8.9 8.8
Net comprehensive income (4.2) 10.0 5.8 13.1
========================== ================== ========= ========= ===================
EBITDA MRI interest
cover ** 43% 137% 145%
========================== ================== ========= ========= ===================
*: GBP4.6m demolition costs, GBP1.2m electrical testing and
implementation of in-house repairs service, GBP4.2m hedge break
costs.
**: The Social Housing Regulator's value for money metrics were
reported in the statutory accounts for 2018/19 and in respect of
this metric calculations were provided both on an unadjusted basis
and adjusted in respect of the demolition costs and hedge break
costs referred to in the previous note.
For further information please contact:
Julie Kennealy
Executive Director of Resources
Julie.kennealy@lincolnshirehp.com
Disclaimer: The figures included in this announcement for the
financial year 2019/20 are unaudited and are therefore subject to
change and should not be relied on. Boston Mayflower Finance PLC
and Lincolnshire Housing Partnership are not under any obligation
to update or revise the information contained in this announcement
(other than in due course through the publication of audited annual
accounts). This statement is neither recommendation nor advice and
is not an offer or solicitation to buy or sell any securities.
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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