TIDM62ZW
RNS Number : 6569D
RHP Finance PLC
22 June 2023
RHP Group trading update for the year ending 31 March 2023
-- Richmond Housing Partnership Group (RHP) is today issuing its
consolidated trading update for the year ended 31 March 2023.
-- These figures are unaudited and for information purposes only.
Highlights for the period ending 31 March 2023
-- RHP own and manage 11,142 homes
-- Turnover for the period was GBP67m (2022: GBP62m)
-- Social housing lettings turnover contributed 85% of total turnover (2022: 87%)
-- Operating surplus (including asset sales) for the period was GBP19m (2022: GBP16m)
-- Operating margin on social housing lettings was 28% (2022: 27%)
-- Overall operating margin (including asset sales) was 28% (2022: 26%)
-- Overall operating margin (excluding asset sales) was 25% (2022: 21%)
-- Net margin on shared ownership (first tranche) was 2 % (2022: 37%)
-- Surplus after tax and pensions for the period was GBP14m (2022: GBP13m)
-- Asset gearing was 57% (2022: 58%)
-- Return on capital employed for the period was 3.7% (2022: 3.3%)
Commenting on the results, Corinna Bishopp, Executive Director
of Finance, said:
We are pleased to publish our unaudited financial results for
22/23.
Despite difficult economic conditions and the significant impact
of inflation and energy cost increases, our financial results show
an improvement in performance compared to the prior year. In
accordance with our strategy, our investment in our asset portfolio
has increased to ensure we provide safe and secure homes for our
customers, and we have invested in additional resource in order to
improve our service. To deliver this within our financial
constraints, we have adopted some careful financial controls to
ensure we are prioritising our spend.
We note a particular ongoing challenge with our repairs service
and corresponding customer satisfaction levels and are pleased to
confirm our transition to a new repairs provider and new delivery
model in June 2023 is going well. We are hopeful that 23/24 will
deliver an improvement in service levels, faster turnaround of
repairs and correspondingly customer satisfaction.
The Group's operating surplus was GBP19m (2022: GBP16m) and
operating margin was 25% (2022: 21%). Continued development has
ensured we continue to grow our turnover, and the first tranche
sales of shared ownership properties has contributed GBP3.3m (2022:
GBP2.3m) to our turnover and GBP0.1m (2022: GBP0.9m) to our overall
surplus.
Our social housing cost per unit of GBP5,007 (2022: GBP4,803)
has increased due to higher core operating spend and increased
investment in our properties during the year.
The Group's total comprehensive income was GBP14.3m (2022:
GBP12.8m) and RHP's subsidiary, Co-op Homes (South) Limited has
contributed GBP0.6m (2022: GBP1.0m) to this overall surplus.
Our EBITDA-MRI margin at 32% (2022: 15%) demonstrates the
additional investment made, but still illustrates strong core
performance that can comfortably cover the level of investment
required to keep our homes in good condition.
We anticipate later than normal publishing of our audited
results due to audit delays, however expect to deliver within
regulatory and legal requirements.
Unaudited Financial Metrics
Statement of comprehensive income 31 Mar 2023 31 Mar 2022
Actual Actual
--------------------------------------------- ------------ --------------
Turnover from social housing lettings GBP57m GBP55m
Turnover GBP67m GBP62m
Operating surplus (including asset sales) GBP19m GBP16m
Surplus after tax and pensions GBP14m GBP13m
--------------------------------------------- ------------ --------------
Margins 31 Mar 31 Mar
2023 2022
Actual Actual
--------------------------------------------- ------------ --------------
Operating margin on social housing lettings 28% 27%
Overall operating margin (inc asset sales) 28% 26%
Overall operating margin (exc asset sales) 25% 21%
Operating margin on shared ownership (first
tranche) 2% 37%
Key financial ratios 31 March
2023
Actual
--------------------------------------------- ------------ --------------
EBITDA MRI Interest cover 132%
Gearing 57%
Liquidity 31 March
2023
Actual
--------------------------------------------- ------------ --------------
24-month liquidity requirement GBP42m
Cash, short term investments and undrawn GBP173m
facilities
Retained bonds(10) GBP25m
Unencumbered stock (EUV-SH) GBP127m
Credit rating
--------------------------------------------- ------------ --------------
S&P June 2023 (affirmed) A+ (negative)
Notes:
Operating surplus / Turnover
General Needs, Supported housing, Affordable rent and Low-cost
home ownership tenures
Operating margin including asset sales includes all activity;
operating margin excluding assets removes gain or loss on disposal
of assets including first tranche shared ownership sales
Operating surplus on first tranche shared ownership sales /
Turnover from first tranche shared ownership sales
(Operating surplus + Depreciation + Amortisation - Capitalised
major repairs) / Net interest paid
Net Debt / Housing assets at historic cost
Net debt / Total units owned & managed
24-month cashflow requirement (before financing). Factors in
cash generated from operating activities.
Cash, deposits, undrawn loans and RCF
(10) Retained element of RHP Finance PLC 2048 bonds
This trading update contains certain forward-looking statements
about the future outlook for RHP Group. These have been prepared
and reviewed by RHP Group only and are unaudited. Forward looking
statements inherently involve a number of uncertainties and
assumptions. Although the Directors believe that these statements
are based upon reasonable assumptions on the publication date, any
such statements should be treated with caution as future outlook
may be influenced by factors that could cause actual and audited
outcomes and results to be materially different. Additionally, the
information in the statement should not be construed as
solicitation/recommendation to invest in RHP's bonds.
For further information, please contact:
Corinna Bishopp, Executive Director of Finance
Investor.relations@rhp.org.uk
https://www.rhp.org.uk/rhpui/investors
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END
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