TIDM76FQ
RNS Number : 7327Q
LiveWest Treasury PLC
11 November 2021
LiveWest Trading Update for the 6 months ended 30 September
2021
LiveWest issues its unaudited group trading update for the 6
months ended 30 September 2021, with comparatives to the unaudited
position for the 6 months ended 30 September 2020 and audited
position for the 12 months ended 31 March 2021.
Sustainability Reporting Standard
We are pleased to announce the publication of our Sustainability
Report for 2020/21. The report can be obtained by clicking the link
or accessing our sustainability page at
https://www.livewest.co.uk/about-us/sustainability.
Financial and Operating Performance
Turnover for the period of GBP136m is higher than in 2020
(GBP115m) due to GBP4m higher rental and other social income and
GBP17m due to higher shared ownership and open market sales.
Operating costs were GBP22m higher in the period mainly as a
result of GBP14m higher cost of sales of the sale of shared
ownership and open market homes. Repair costs were GBP7m higher
both due to spend returning to normal levels following the lower
level of spend in the period to September 2020 as a result of COVID
and increases for fire safety costs.
Surplus for the period is GBP33m (2020: GBP40m). The reduction
is primarily due to a lower surplus on disposal of housing fixed
assets; 2020 included GBP14m relating to sales of homes outside our
core operating area.
Statement of Comprehensive Income
6 Months 6 Months 12 Months
Sep-21 Sep-20 Mar-21
GBPm GBPm GBPm
Turnover 136 115 244
Operating Costs (100) (78) (183)
Surplus on Disposal of Properties 11 17 20
Operating Surplus 47 54 82
--------- ---------
Net Interest Payable (14) (14) (39)
Movement in Fair Value of Financial
Instruments - - 3
Surplus for the period 33 40 46
--------- ---------
Financial Indicators
6 Months 6 Months 12 Months
Sep-21 Sep-20 Mar-21
Operating Margin on Social Housing
Lettings 31% 37% 30%
Gross Profit Margin on Shared
Ownership Sales 20% 23% 23%
Gross Profit Margin on Open Market 20%* 22% 20%**
Sales
Sales as Percentage of Turnover 26% 17% 21%
------------------------------------- --------- --------- ----------
* Includes land sale at a reduced margin. Gross Profit Margin on
sale of open market homes is 23%.
** Gross Profit Margin Percentage on Open Market Sales is before
an accrual for additional work required on an historical scheme.
The Margin falls to 14% with this included.
Sales of open market (our share only, if part of a joint
venture) and shared ownership homes totalled 217 units for the
period (2020: 145).
Sales and margins on housing sales continue to perform strongly
with the shared ownership slightly reduced in the period due to the
mix of sites. As at 30 September 2021, we had 60 shared ownership
stock units of which 8 were unreserved (September 2020: 66,15) and
8 open market stock units (our share only, if part of a joint
venture) and none are unreserved (September 2020: 8,0).
Housing Properties (net of depreciation) have increased to
GBP2,165m from GBP2,142m at March 2021. Net Debt has remained
relatively static at GBP848m (March 2021: GBP851m).
Customer satisfaction is 88% (September 2020: 90%). Void losses
for our general needs stock were 0.45% (September 2020: 0.53%).
Rent arrears were 2.54% (September 2020: 2.54%). The Average days
to re-let our general needs stock is 31.5 (September 2020: 31.4
days).
Liquidity
At 30 September 2021 LiveWest had liquidity of GBP459m,
consisting of available undrawn facilities of GBP426m, and
available cash of GBP33m.
Development
387 affordable units were handed over in the period (2020: 190).
We have a contracted pipeline of 2,304 affordable homes (March
2021: 2,504).
Building Safety
At 30 September 2021 100% of homes had an up to date Fire Risk
Assessment (March 2021: 100%). 99.99% of homes had a valid Gas
Safety Certificate (March 2021 99.98%) and 100% of rented homes
meet the Decent Homes Standard (March 2021: 99.99%).
Board and Executive Team Changes - 6 months to September
2021
LiveWest Homes Ltd: There were no changes to the Board or the
Executive Team.
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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