TIDMBB26
RNS Number : 9448V
Guinness Partnership (The) Limited
17 December 2021
Half Year Performance Update
for the 6 months to 30 September 2021
Our Performance in 2021/22
The Guinness Partnership Limited (TGPL) is pleased to report our
results for the Half Year to 30 September 2021. These results are
based upon unaudited management accounts and operational
performance reports.
Our Annual Financial Statements and our Annual Report for the
year to 31 March 2021, are both available on our website.
Half Year Performance Update
In the half year to 30 September we have continued to deliver
services to our customers and our new homes programme against a
backdrop of the ongoing Covid pandemic, as well as rising inflation
and labour market challenges.
Performance highlights for The Guinness Partnership Limited for
the half-year to 30 September
2021 include:
-- Turnover of GBP187.1m
-- Total surplus of GBP26.3m - GBP5.1m higher than at September 2020
-- Operating surplus of GBP46.9m - GBP3.3m lower at September 2020
-- Operating margin of 25.1%
-- Surplus on sales of existing homes of GBP5.5m
-- Proceeds from sale of first tranche shared ownership homes of GBP15.8m
-- High levels of liquidity retained - GBP987m of available loan facilities and cash
-- Current tenant arrears of 3.37%
-- 157 new affordable homes completed
-- 293 homes started on site
Key Financial Results
Half Year Performance Update for the 6 months to 30 September
2021
Year Ending
Financial Indicators Q2 2021/22 31 March 2021 Q2 2020/21
----------- ---------------
Operating Surplus GBP46.9m GBP169.1m GBP50.2m
----------- --------------- -----------
Operating Margin 25.1% 21.6% 29.4%
----------- --------------- -----------
Total Surplus GBP26.3m GBP71.7m GBP21.2m
----------- --------------- -----------
Net Margin 14.1% 20.4% 10.1%
----------- --------------- -----------
EBITDA-MRI Interest Cover 165.2% 145.4% 183.1%
----------- --------------- -----------
Gearing 42.8% 44.5% 42.2%
----------- --------------- -----------
Performance update
TGPL's operating surplus of GBP46.9m is lower than that reported
in 2020/21. This reflects a range of
pressures including the costs of addressing post-lockdown
backlogs in responsive repairs service and increased
insurance premiums.
Net interest costs of GBP26.9m were incurred in the period on
total drawn debt of GBP1.3bn.
The overall surplus of GBP26.3m includes shared ownership
staircasing with 75 transactions
completing in the first 6 months of the year which have
generated a surplus of GBP4.7m.
During the period GBP94.7m has been invested in our development
programme and a further GBP25.2m
invested in existing homes. This includes building safety
related expenditure of GBP7.9m.
Closing cash balances at the end of September were GBP65.1m. Our
liquidity position remained strong
with total available funds standing at GBP987m (undrawn loans
and cash), covering 59 months of projected
cash flow.
Development and business update
Our Strategy targets delivery of 5,500 new homes by March 2025
with a significant proportion delivered
with the support of Homes England and GLA funding through
Strategic Partnerships.
We are currently on site with over 3,300 of these homes with 157
being completed in the first 6 months of the year.
During the year we were successful in our applications for
funding from Homes England and the GLA under extended Strategic
Partnerships. This additional funding will support development of
1,800 new affordable homes by 2029.
An increasing proportion of the new homes that we deliver will
incorporate some form of
Modern Methods of Construction (MMC). In August 2021 our
subsidiary, Guinness Developments Limited, acquired a minority
shareholding in Ilke Homes Holdings, an established MMC
manufacturer.
During October 2021 we completed the transfer of 432 homes in
Liverpool to Riverside Housing Group. We took
transfer of 115 homes in Chesterfield and 356 homes in Derby
from Clarion Housing Group in October and November
respectively.
Credit and regulatory ratings
Our credit ratings with Standard & Poors and Moody's
remained unchanged during the period at A- (stable)
and A3 (stable) respectively.
On the 27 October 2021 the Regulator of Social Housing confirmed
our regulatory ratings were
unchanged at G1 for Governance and V2 for Viability.
Contact details
Rob Elliott, Director of Corporate Finance
robert.elliott@guinness.org.uk
https://www.guinnesspartnership.com/about-us/for-investors/
Disclaimer
The information contained herein (the "Trading Update") has been
prepared by The Guinness Partnership
Limited ("TGPL") 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
TGPL or any of its subsidiaries ("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 TGPL 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.
None of TGPL, 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. Financial results
quoted are unaudited.
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 an estimate
or forecast. No representation or
warranty, express or implied, is given by or on behalf of TGPL,
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 a recommendation,
nor is it legal, tax, accounting or investment advice.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTTRBLTMTABMJB
(END) Dow Jones Newswires
December 17, 2021 04:56 ET (09:56 GMT)
Guin.ptnr.7h%37 (LSE:BB26)
과거 데이터 주식 차트
부터 2월(2) 2025 으로 3월(3) 2025
Guin.ptnr.7h%37 (LSE:BB26)
과거 데이터 주식 차트
부터 3월(3) 2024 으로 3월(3) 2025
