Town and Country Housing Group Half-year Trading Statement (0481W)
December 07 2023 - 9:00AM
UK Regulatory
TIDM37PX
RNS Number : 0481W
Town and Country Housing Group
07 December 2023
Town and Country Housing: First Half Year Trading Statement
7 December 2023
Town and Country Housing (TCH) is today issuing its consolidated
unaudited trading statement, for the first half of the financial
year ending 31 March 2024.
6 months 6 months
to Sept to Sept
23 22
GBP000 GBP000
Operating surplus 17,165 11,333
Surplus on disposal of assets 2,777 1,840
Net interest payable (13,539) (8,101)
Taxation & non-controlling interest - -
Surplus 6,403 5,072
============== ===============
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. On 4 April 2023 TCH received via a
statutory transfer of undertaking Rosebery
Housing Association. TCH's operational geography now extends
from Kent and Sussex to include Surrey supporting 13,000 homes.
Rosebery's results are included for the six months to September
2023, generating an operating surplus of GBP3,462k. In June 2023
following an approach from the regulator we acquired 5 extra care
schemes (252 homes) from Rapport Housing and Care.
Rental income from the core business continued to perform
strongly with collection rates similar to the previous year.
Maintenance costs are GBP3.9m higher than in 2022. This is due to
an increased number of responsive repairs jobs with high material
cost inflation. There was also higher void repair costs and
additional damp, mould, and condensation intervention costs.
Shared ownership 1(st) tranche sales and private sales generated
a surplus of GBP2.3m which was GBP1.7m above 2022. This is due to
the timing of handovers and sales in 2022 which were skewed to the
2(nd) half of the year.
At 30 September 2023 TCH had 36 properties for sale. 24
properties were reserved. Of the remaining 12 available properties
none have been void for greater than 6 months.
Disposal of assets provided a further GBP2.8m of surplus.
Net interest payable was ahead of 2022 which was due to the
inclusion of Rosebery's debt, higher interest rates and higher debt
(funding new developments).
S&P Global Ratings maintained Peabody's rating ('A-')
negative outlook following a recent review. Town & Country
Housing's rating follows that of Peabody's as S&P considers TCH
to be a core subsidiary.
Future Information Releases
The next financial reporting will be the statutory financial
statements which we expect to release in August 2024.
Further Information
For further information contact Mike Hyams, Regional Finance
Director at mike.hyams@tch.org.uk
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTFSSFSWEDSEDE
(END) Dow Jones Newswires
December 07, 2023 10:00 ET (15:00 GMT)
Tchg Capital 45 (LSE:37PX)
Historical Stock Chart
From Nov 2024 to Dec 2024
Tchg Capital 45 (LSE:37PX)
Historical Stock Chart
From Dec 2023 to Dec 2024