TIDM14MD
RNS Number : 5388J
Stonewater Funding PLC
19 August 2019
Press Release
Stonewater turnover increased to GBP191m;
Underlying surplus after interest up by GBP3.5m
Key highlights from Stonewater 2018/19 financial statements to
31 March 2019:
- Turnover up 1.9% to GBP190.7m
- Underlying operating surplus performance* up GBP3.5m to GBP25.5m
- Charitable donation to partner Longleigh Foundation increased to GBP3m
- GBP2.5m profit on closing out an interest rate swap
In 2018/19 Stonewater increased its turnover by 1.9% to
GBP190.7m and built 548 affordable homes in communities across
England.
Stonewater's underlying performance from managing the lettings
and sales of affordable, social and shared ownership housing, after
interest, saw an increased surplus. This rose 16.1% to GBP25.5m
compared with GBP22.0m in 2017/18. This performance came despite
the third year of the government annual rent cut of 1% - rents will
return to CPI+1% from April 2020.
Stonewater recently retained its A+ credit rating from S&P,
although with a negative outlook mirroring that on the sovereign
rating. Stonewater also retains the top governance and viability
rating from the Regulator of Social Housing at G1 and V1.
*Underlying operating performance, after interest, is before
exceptional and/or non-cash items, including:
-- Donation to Longleigh Foundation (up GBP2m to GBP3m)
-- A non-cash movement of -GBP10.7m from the early termination
of interest rate swaps. This represents the write-off of the
balance held in the cashflow hedge reserve. Stonewater paid GBP8.2m
to terminate the swaps and realised a cash profit of GBP2.5m. There
was also a non-cash movement in the fair value of non-hedged
financial instruments of -GBP1.4m (2018: +GBP2.4m).
-- Surplus on Disposal of Fixed Assets was GBP9.4m; the previous
year surplus of GBP15.6m included the GBP8.2m surplus on the
disposal of Southport stock.
When these items are included, Stonewater's Surplus for the Year
was GBP22.3m (2018: GBP39.0m).
The 32,000-home housing provider is at the heart of a new
government partnership with Homes England and Guinness to begin
building 4,500 affordable homes by March 2022. The partnership is
the largest to date and is receiving GBP224m in Homes England
funding.
Commenting on the Homes England Partnership, George Blunden,
chair of Stonewater, said: "By accelerating our development
programme in this way, we will be able to play a greater role in
tackling the national housing crisis - particularly vital work at a
time when homelessness continues to rise across the UK."
Nicholas Harris, chief executive of Stonewater, said: "Our
statement of financial position remains robust, supporting our
significant and ambitious growth plans. This resilience and
adaptability puts us in a strong position to predict and respond to
the evolving social and political landscape, and we are well
prepared for these fast-changing times.
"Our ambitious house-building programme is driven by our vision
of everyone having the opportunity to have a place that they can
call home. We plough our surplus into building new homes, improving
our existing housing stock and investing in customer services."
[ends]
Notes
Stonewater's annual financial statements may be found here .
For further information please contact Sarah Thomas at See Media
on 07850 765321.
Stonewater is a social housing provider, with a mission to
deliver good-quality, affordable
homes to people who need them most. We manage around 32,000
homes in England for
over 65,000 customers, including affordable properties for
general rent, shared ownership
and sale, alongside specialist accommodation such as retirement
and supported living
schemes for older and vulnerable people, young people's foyers
and women's refuges.
Our ambitious house-building programme aims to build 1,500 new
homes per year from
2019 onwards, driven by our vision of everyone having the
opportunity to have a place that they can call home. We plough our
surplus into building new homes, improving our existing
housing stock and investing in customer services. Our 800+
employees embody our values - being ethical, ambitious, passionate,
agile and commercial. We achieved a 'One Star' rating in the 2019
Best Companies survey and are ranked 78(th) in the Top 100 best
not-for-profit organisations to work for and 25(th) in the best
housing associations to work for in 2019.
With an annual turnover of around GBP190 million and GBP1.8
billion in assets, Stonewater is a
strong, dynamic and well-managed social business, with a
long-term rating of A+ by
independent credit ratings agency, S&P Global Ratings and a
top G1/V1 governance and
viability ranking from the Regulator of Social Housing.
For more information, visit our website at
www.stonewater.org
Stonewater Funding plc is a member of the Stonewater group.
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END
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