TIDM76FQ TIDM87FW
RNS Number : 5324S
LiveWest Treasury PLC
06 November 2019
LiveWest Trading Update for the 6 months ended 30 September
2019
LiveWest issues its unaudited group trading update for the 6
months ended 30 September 2019, with comparatives to the unaudited
position for the 6 months ended 30 September 2018 and the audited
financial statements for the 12 months ended 31 March 2019.
Financial and Operating Performance
Surplus for the 6 months to September 2019 is GBP25m (6 months
ended September 2018: GBP27m). Surplus on Disposal of Properties
for the year to March 2019 includes GBP6m relating to homes outside
our core operating area. Housing Properties (net of depreciation)
have increased to GBP2,024m from GBP1,950m at March 2019. As a
result, net debt has increased to GBP824m from GBP788m.
Statement of Comprehensive Income
6 months 6 months 12 months
Sep-19 Sep-18 Mar-19
GBPm GBPm GBPm
Turnover 118 117 233
Operating Costs (84) (84) (167)
Change in the value of investment
properties - - 1
Surplus on Disposal of Properties 4 6 14
Operating Surplus 38 39 81
--------- ---------
Net Interest Payable (13) (12) (24)
Movement in Fair Value of Financial
Instruments - - (1)
Surplus for the period 25 27 56
--------- ---------
Financial Indicators
Sep-19 Sep-18 Mar-19
Operating Margin on Social Housing
Lettings 33% 34% 33%
Gross Profit Margin on Shared
Ownership Sales 23% 30% 28%
Gross Profit Margin on Open Market
Sales 17% 19% 23%
------------------------------------- --------- --------- ------------------
Sales of open market and shared ownership homes totalled 231
units for the 6 months ended 30 September 2019 (6 months ended
September 2018: 212). As at 30 September 2019, we had 60 shared
ownership stock units (March 2019: 125) and 22 open market stock
units (March 2019: 2).
Sales margins reflect the scheme mix in the period. House price
growth, although positive, is lower than in previous periods.
Customer satisfaction was 89.5% (31 March 2019: 90.5%). Void
losses for our general needs and sheltered stock were 0.59% (March
2019: 0.50%). Rent arrears were 1.96% (March 2019: 1.83%).
Liquidity
LiveWest had liquidity at 30 September 2019 of GBP260m,
consisting of available undrawn facilities of GBP254m, and
available cash of GBP6m. LiveWest Treasury plc raised GBP200m from
its EMTN programme on 3 October 2019.
Development
We completed 450 affordable units in the 6 months ended 30
September 2019 (6 months ended September 2018: 343). We have a
contracted pipeline of 2,304 homes (March 2019: 1,835).
Board and Executive Team Changes
LiveWest Homes Ltd: there were no changes to the membership of
the board. Following a planned consolidation, the Executive Team is
now as follows: Paul Crawford, Melvyn Garrett, Russell Baldwinson,
Suzanne Brown, Jill Farrar and Ian Fisher.
LiveWest Capital plc: Andrew Hart and Andrew Sloman were
appointed to the board, with Linda Nash, Paul Crawford and Tony
MacGregor resigning from the board.
LiveWest Rating
LiveWest Homes Ltd is rated A2 (stable) by Moody's (June 2019),
and G1/V1 by the Regulator of Social Housing (July 2019).
END
For more information, please contact:
Andrew Hart, Director of Corporate Finance 01392 814444
https://www.livewest.co.uk/about-us/investor-relations/
Disclaimer
The information contained herein (the "Trading Update") has been
prepared by LiveWest Homes Limited (the "Parent") and its
subsidiaries (the "Group"), including LiveWest Treasury plc and
LiveWest Capital plc (each an "Issuer") and is for information
purposes only.
The Trading Update should not be construed as an offer or
solicitation to buy or sell any securities issued by the Parent,
the Issuer or any other member of the Group, or any interest in any
such securities, and nothing herein should be construed as a
recommendation or advice to invest in any such securities.
Statements in the Trading Update, including those regarding
possible or assumed future or other performance of the Group as a
whole or any member of it, industry growth or other trend
projections may constitute forward-looking statements and as such
involve risks and uncertainties that may cause actual results,
performance or developments to differ materially from those
expressed or implied by such forward-looking statements.
Accordingly, no assurance is given that such forward-looking
statements will prove to have been correct. They speak only as at
the date of the Trading Update and neither the Parent nor any other
member of the Group undertakes any obligation to update or revise
any forward-looking statements, whether as a result of new
information, future developments, occurrence of unanticipated
events or otherwise. The information contained in the Trading
Update is unaudited.
None of the Parent, any member of the Group or anyone else is
under any obligation to update or keep current the information
contained in the Trading Update. The information in the Trading
Update is subject to verification, does not purport to be
comprehensive, is provided as at the date of the Trading Update and
is subject to change without notice.
No reliance should be placed on the information or any
projections, targets, estimates or forecasts and nothing in the
Trading Update is or should be relied on as a promise or
representation as to the future. No statement in the Trading Update
is intended to be a profit estimate or forecast. No representation
or warranty, express or implied, is given by or on behalf of the
Parent, any other member of the Group or any of their respective
directors, officers, employees, advisers, agents or any other
persons as to the accuracy or validity of the information or
opinions contained in the Trading Update (and whether any
information has been omitted from the Trading Update). The Trading
Update does not constitute legal, tax, accounting or investment
advice.
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
TSTUNUVRKSAARAA
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