TIDM37PX

RNS Number : 9527T

Town and Country Housing Group

30 November 2021

Town and Country Housing: First Half Year Trading Statement

30 November 2021

Town and Country Housing (TCH) is today issuing its consolidated unaudited trading statement, for the first half of the financial year ending 31 March 2022.

 
                                            6 months           6 months 
                                             to Sept            to Sept 
                                                21                20 
                                                GBP000             GBP000 
 
 Operating surplus                              13,745            13,704 
 Surplus on disposal of assets                   1,705              1,176 
 Net interest payable                            (6,979)           (6,958) 
 Taxation & non-controlling interest                (17)                 1 
 Surplus                                         8,454              7,923 
                                       =================  ================

Note: No assumption is made about any gain on revaluation of investment properties in either year, as revaluation is undertaken at year end.

TCH became part of Peabody Group on 9 May 2019 and will continue as an operating subsidiary.

Rental income from the core business continued to perform strongly, however maintenance costs are GBP1.5m higher than in 2020. This is due to clearing a backlog of repairs jobs and preparing for the re-procurement of the major repairs contract. There is also additional expenditure on fire safety remedial works.

Shared ownership 1(st) tranche sales and private sales generated a surplus of GBP2.6m which was GBP2.2m ahead of 2020. This is due to an enlarged programme and a carry-over of sales from 2020.

At 30 September 2021 TCH had 70 properties for sale. 48 properties were reserved. Of the remaining 22 available properties, 3 have been void for greater than 6 months (2 are show homes).

Disposal of assets provided a further GBP1.7m of surplus.

Net interest payable was in-line with 2020.

On August 20, 2021, S&P Global Ratings (S&P) lowered its long-term issuer credit rating on Peabody Group from 'A' to 'A-' with a stable outlook. At the same time the credit rating on Town & Country Housing (TCH) was similarly lowered. This was because S&P considers TCH to be a core subsidiary of Peabody.

Future Information Releases

The next financial reporting will be the statutory financial statements which we expect to release in late July / early August 2022.

Further Information

For further information contact Mike Hyams, Regional Finance Director on 01892 501477

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November 30, 2021 02:44 ET (07:44 GMT)

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