TIDM42RJ
RNS Number : 3092F
Aster Treasury PLC
13 November 2020
Aster Group t r ad i ng update for t he six months ended 30
September 2 0 20
Aster Group issu es its unaudited gro up trading update for the
six mo nths ended 30 Septe m ber 2 0 20, with c om paratives to the
audited financial st ate ments for t he 12 mo nths e nded 31 March
2 0 20.
COVID-19 update
Like many in the sector, the restrictions in place over the past
few months because of COVID-19 has caused significant disruption to
our business, resulting in a temporary closure of construction
sites for six to eight weeks at the beginning of the financial
year. This is likely to result in fewer completions for the year
and impact rental income, first tranche sales and profits from the
group's joint ventures.
The restrictions have also meant that we had to postpone
non-essential works which has led to a backlog of non-essential
repairs and planned major works which will take several months for
us to work through. Expenditure in these areas was reduced for the
period to 30 September 2020 and the expectation is that the
increased expenditure from the catch up in these repairs and other
recovery related costs is likely to impact the group's financial
results and indicators in the second half of the year.
The health and safety of our employees and customers has
remained our priority throughout. We continue to follow government
guidance closely and have personal risk assessments in place for
colleagues working in our communities - this continues to be the
best way to help keep our colleagues and customers safe. We
continue to work through our three staged approach to turning
services back on.
We have returned to a normal programme of safety inspections,
fire risk assessments and asbestos surveys and since the start of
June we've carried out over 9,000 routine gas safety checks and let
over 450 homes to families on the housing register.
As a housing association we know that Covid-19 restrictions have
had a big impact on the wellbeing of some of our most at risk
customers, and ensuring their safety has been one of our top
priorities throughout this time. Our befriending service Aster
Connect was launched to provide a friendly voice at the end of the
phone to some of our older customers and customers with extra
medical needs or disabilities.
Aster Connect volunteers have been best placed to spot anyone
struggling and signpost them to further support available in their
community.
Throughout the first lockdown we also carried out over 10,000
welfare calls to customers with vulnerabilities living in sheltered
and extra care housing. Through these regular phone calls, it has
ensured people have access to food, medication and supplies they
need.
Fina n ci al and Ope r a t i ng Pe rfo rman ce
Unaudited profit for the six mo nths to Sep tem ber 2 0 20 was
GBP 25.8m. H o using p r o perties (net of depreciati o n) h a ve
increased to GBP 1,771m fr om GBP1,733m at 31 March 2 0 20.
Consolidated Statement of Comprehensive Income 6 months 12 months
(GBP000) September March
2020 2020
Turnover 109,289 214,560
Operating costs (75,687) (162,859)
Surplus on sale of housing property, plant and
equipment 6,058 20,042
Operating Profit 39,660 71,743
Profit on disposal of other property, plant,
equipment and intangible assets - 214
Reversal of impairment of housing assets - 135
Share of (loss)/profit in joint ventures (430) 374
Net finance expense (13,465) (26,680)
Gain on acquisition - 14,013
Profit for the period 25,765 59,799
Financial indicators 6 months 12 months
September March
2020 2020
Operating margin (excluding surplus on sale of
housing property, plant and equipment) (1) 30.7% 24.2%
Social housing operating margin(2) 35.7% 27.2%
EBITDA MRI interest cover(3) 255.5% 191.8%
Gearing 53.2% 53.5%
------------ -----------
Sales of shared ownership homes and open market sales homes
(predominantly delivered through joint ventures) homes totaled 183
units for the six months ended 30 September 2020 (12 months ended
31 March 2020: 543). As at 30 September 2020, the group had 83
completed shared ownership homes void and available for sale either
sold and yet to complete or unsold (31 March 2020: 133).
Customer satisfaction was 82% as at 30 September 2020 (31 March
2020: 82%). Void losses for the group's general needs and sheltered
stock were 1.0% (31 March 2020: 0.7%). Rent arrears were 2.4% (31
March 2020: 2.2%).
Debt and Li qu i d i ty
Net debt over the period has increased to GBP917m from GBP902m.
We had liquidity at 30 September 2020 of GBP406.5m, consisting of
committed and available undrawn facilities of GBP308.7m, and cash
and
cash equivalents of GBP97.8m. During the period we issued
GBP100m of Commercial Paper under the Covid Corporate Financing
Facility (CCFF).
Development
We completed 279 affordable units in the six months ended 30
September 2020 (12 months ended
31 March 2020: 955) and have a contracted pipeline of 2,517
homes (31 March 2020: 2,204). The number of completed homes during
the year is expected to reduce as a direct result of the disruption
caused by COVID-19. All development sites are open and are
operating but at approximately 80% of capacity. We have been
successful in securing opportunities and entering contract and we
have a healthy pipeline of opportunities.
Board and Executive Team Changes
Aster Group Ltd: The members of the Executive Board are Bjorn
Howard, Chris Benn, Rachel Credidio, Dawn Fowler-Stevens, Emma
O'Shea and Amanda Williams.
Claire Whitaker OBE was appointed as a co-optee to the Board
from 12 August 2020.
Emma O'Shea was appointed to the Executive Board on 6 April
2020.
Aster Treasury plc: There were no changes to the membership of
the board.
Aster Group credit rat i ng and governance
Aster Treasury plc is rated A+ (stable) by Standard and Poor's
(December 2 0 1 9), and G 1/ V1 by t he Regulat or of Social H o
using (25 March 2020 ).
Notes:
(1) Demonstrates the profitability of operating assets before
exceptional expenses. Defined as operating profit, excluding
surplus on sale of property, plant and equipment, as a percentage
of total turnover.
(2) Demonstrates the profitability of social housing operating
assets before exceptional expenses. Defined as operating profit
derived from social housing activities, excluding surplus on sale
of property, plant and equipment, as a percentage of total
turnover.
(3) Seeks to measure the level of surplus generated compared to
interest payable. It is a key indicator for liquidity and
investment capacity. EBITDA MRI is Earning before interest, tax,
depreciation, amortisation, excluding profit on disposal of
property, plant and equipment, but including the cost of
capitalised major repairs (major repairs included). Interest
includes the group's interest payable plus interest capitalised
during the year but excluding interest on the net pension
liabilities.
Calculated as net debt (loans less cash) as a proportion of
social housing assets. Shows how much of the social housing assets
are made up of debt, and the degree of dependence on debt finance.
It also sets out the potential capacity for further borrowing which
can be used to fund the future development of new housing.
For m o re i nfo rmation, p l e ase c onta ct:
Chris Benn, Group Finance Director - Chris.benn@aster.co.uk
Lynsey Thorp, Head of Communications -
lynsey.thorp@aster.co.uk
https://www.aster.co.uk/corporate/about-us/investor-relations
Dis claimer
The information contained herein (the "Trading Update") has been
prepared by Aster Group Limited (the "Parent") and its subsidiaries
(the "Group"), including Aster Treasury plc (the "Issuer") and is
for information purposes only. The information contained in the
Trading Update is unaudited.
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. Trading Updates may be based on Management
Accounts rather than draft financial statements so may not take
into account all consolidation and other
adjustments as required for the financial statements. These
include, but are not limited to, fair value of investment
properties and defined benefit pension costs such as interest and
current service cost adjustments. The group does not anticipate
these adjustments will have a material effect on the outputs.
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.
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