TIDM76FQ
RNS Number : 1383Y
LiveWest Treasury PLC
12 May 2021
LiveWest Trading Update for the 12 months ended 31 March
2021
LiveWest issues its unaudited group trading update for the 12
months ended 31 March 2021, with comparatives to the audited
position for the 12 months ended 31 March 2020.
Financial and Operating Performance
Turnover for the year of GBP245m is lower than 2020 (GBP248m)
due to a reduced level of sales which were a result of site
closures at the start of the Covid-19 pandemic.
Surplus for the year is GBP46m (2020: GBP59m). The reduction is
primarily due to higher interest costs of GBP10m and higher
operating costs of GBP3m.
Net Interest Payable includes GBP9m on restructuring fixed rate
interest rate swaps providing an interest benefit over the next 7-8
years. Operating costs were GBP3m higher in the period largely as a
result of higher maintenance spend, including fire safety
costs.
Surplus on Disposal of Properties includes GBP14m (2020: GBP14m)
relating to homes outside our core operating area.
Statement of Comprehensive Income
12 Months 12 months
Mar-21 Mar-20
GBPm GBPm
Turnover 245 248
Operating Costs (182) (179)
Surplus on Disposal of Properties 20 20
Operating Surplus 83 89
----------
Net Interest Payable (39) (29)
Movement in Fair Value of Financial
Instruments 2 (1)
Surplus for the period 46 59
----------
Financial Indicators
Mar-21 Mar-20
Operating Margin on Social Housing
Lettings 31% 32%
Gross Profit Margin on Shared
Ownership Sales 23% 25%
Gross Profit Margin on Open Market
Sales 20%* 18%
Sales as Percentage of Turnover 21% 24%
------------------------------------- ---------- ----------
* Gross Profit Margin Percentage on Open Market Sales is before
an accrual for additional work required on an historical scheme.
The Margin falls to 15% with this included.
Sales of open market (our share only, if part of a joint
venture) and shared ownership homes totalled 335 units for the year
(2020: 451).
Sales and margins remain strong albeit with a reduction in build
levels. As at 31 March 2021, we had 100 shared ownership stock
units (2020: 130) and 8 open market stock units (our share only, if
part of a joint venture) (2020: 3).
Housing Properties (net of depreciation) have increased to
GBP2,140m from GBP2,083m at March 2020. Net Debt has remained
relatively static at GBP851m (2020: GBP848m).
Customer satisfaction is 89% (2020: 89%). Void losses for our
general needs and sheltered stock were 0.47% (2020: 0.64%). Rent
arrears were 2.02% (2020: 1.93%).
Liquidity
In February 2021 we issued a GBP250m (of which GBP100m is
retained) 2056 Note from our EMTN Programme at an all-in rate of
1.904%.
At 31 March 2021 LiveWest had liquidity of GBP467m, consisting
of available undrawn facilities of GBP426m, and available cash of
GBP41m. LiveWest remains in a strong financial position to respond
to the challenges of the pandemic.
Development
701 affordable units were handed over in 2021 (2020: 1,158) due
to site closures in the year as a result of Covid-19. We have a
contracted pipeline of 2,502 affordable homes (2020: 2,538).
Covid-19 - Supporting customers, colleagues and communities
Since 1 September we have offered a full repairs service to our
customers whilst maintaining staff and customer safety in line with
government guidelines.
We have also expanded our crisis and hardship grants programme
to support customers in financial difficulties.
Board and Executive Team Changes - 6 months to March 2021
LiveWest Homes Ltd: Jill Farrar retired from the Executive Team
in October 2020. Tim Larner retired from the Board in November
2020.
LiveWest Treasury plc: there were no changes to the membership
of the board.
LiveWest Rating
LiveWest Homes Ltd is rated A2 (stable) by Moody's (Jan 2021),
and G1/V1 by the Regulator of Social Housing (Jan 2021).
END
For more information, please contact:
Andrew Hart, Director of Corporate Finance 01392 814444
https://www.livewest.co.uk/about-us/for-investors
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 (the
"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.
Figures quoted in the update are based on unaudited management
accounts which are subject to review and further adjustments, for
example in the areas of pensions, investment property valuation and
taxation.
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END
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