Boston Mayflower Finance PLC Trading Update - February 2023 (6357P)
11 2월 2023 - 2:06AM
UK Regulatory
TIDM90IY
RNS Number : 6357P
Boston Mayflower Finance PLC
10 February 2023
Boston Mayflower Finance PLC
10 February 2023
Boston Mayflower Finance PLC, a wholly owned subsidiary of
Lincolnshire Housing Partnership (a registered Housing
Association), announces the trading update for LHP for the 9 months
to 31(st) December 2022.
The figures presented are unaudited and for information purposes
only. Any forecast information is based on current reasonable
assumptions and should be treated with caution as actual results
may be subject to change.
With rising inflationary pressures to manage this year, LHP
continues to closely monitor it's financial and operational
performance. With consistent operating margins and good levels of
liquidity, LHP remain in a strong position to continue to meet the
needs of our customers by investing in their homes, local
communities, and services.
Statement of Comprehensive 31 Dec 2022 31 Dec 2022
Income
Actual Budget
------------ ------------
Turnover GBP44.3m GBP44.9m
------------ ------------
Operating Surplus GBP11.8m GBP12.7m
------------ ------------
Surplus After Tax GBP6.5m GBP7.4m
------------ ------------
Total Comprehensive Income GBP5.9m GBP6.8m
------------ ------------
Operating Margin 26.6% 28.3%
------------ ------------
As at P9, The Statement of Comprehensive Income reflects the
fact that LHP have been affected by increasing costs for materials
and sub- contractors, however LHP have benefitted from higher than
forecast RTB and RTA property sales. During the year LHP have been
recruiting in the repairs and maintenance team and now have a full
complement of staff, which will start to reduce sub-contractor
costs going forward.
Key Metrics 31 Dec 2022
Actual
------------
Gearing (Net Debt/Housing assets at historic
cost) 37%
------------
EBITDA Interest Cover (EBITDA / Net Interest
payable) 309%
------------
Liquidity (as % of Net Cash Requirement over
24 months) 574%
------------
During the year, LHP restructured its RCF facilities, reducing
our annual funding costs and removing covenant restrictions,
increasing flexibility for the future.
There have been no changes to the Group structure during the
period.
Following the year end, we will be inviting all parties to a
Webinar where we will present our financial statements for the year
to 31(st) March 2022 and provide a commentary on our operational
and financial performance. We will post an update with further
details in due course on the "Investors" webpage of the
Lincolnshire Housing Partnership website.
For further information or comments on this announcement, please
contact:
communications@lincolnshirehp.com
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of this information may apply. For further information, please
contact treasury@lincolnshirehp.com or visit www.rns.com.
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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.
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END
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