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

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