TIDM15HG
RNS Number : 8094J
Great Places Housing Group Limited
18 August 2023
QUARTERLY PERFORMANCE UPDATE
Covering performance for the period ending 30 June 2023
Our Performance Updates are aimed at ensuring our investors and
other stakeholders receive regular, timely information regarding
the performance of the Group. We will publish these reports on a
quarterly basis and will produce them within six weeks of the
relevant quarter end.
The information included is based on unaudited management
accounts and other internal performance measures.
FINANCIAL PERFORMANCE: QUARTER ONE RESULTS
The management accounts of Great Places Housing Group (the
Group) show a Quarter 1 surplus before tax of GBP6.8m (budget
GBP7.6m). Total income in the period (all income including 1st
tranche and outright property sales) was GBP44.4m (budget
GBP44.5m). Operating expenditure (excluding property sales) was in
line with budget in most areas, however we are expecting to see an
overspend on responsive repairs as we continue to deal with high
repair volumes and the challenges of investigating and remediating
reports of damp and mould. The demand for 1(st) tranche shared
ownership continues to remain high.
Operating surplus was GBP12.5m, GBP1.2m worse than budget.
However this was partly offset by net interest costs GBP0.5k better
than budget, almost all due to interest receivable being
higher.
Drawn debt (excluding bond premium, other non-cash balances and
loan fees, and including finance leases) as at June 2023 was
GBP643.1m (March 2023: GBP643.7m) with the movement due to
scheduled loan repayments.
Mark to Market exposure was GBP0.9m gross and GBP0.4m net of
exposures in Great Places' favour (March 2023: GBP7.9m net) with
Nil cash collateral posted to meet counterparties' security
requirements (March 2023: nil). This shows the impact of the some
upward movement in long term interest rates, reducing exposure on
interest rate derivatives.
Cash balances (excluding cash held on behalf of leaseholders)
were GBP80.7m (March 2023: GBP92.9m) with undrawn bank facilities
immediately available of GBP143.8m.
Our internal financial "Golden Rules" around interest cover,
gearing and operating margin were all met at the end of the
period.
OPERATIONAL PERFORMANCE
Our performance management centres around our Critical Success
Factors (CSFs) which are designed to focus us on the delivery of
our Corporate Plan, and particularly our vision of "Great Homes,
Great Communities, Great People".
We have eleven CSFs for 2023/24, set in March 2023. There is one
new addition - Safety in Home Satisfaction, which is one of the new
sector Tenant Satisfaction Measures (TSM). Our CSF relating to
Overall Satisfaction is also now in line with TSM reporting rather
than the previous transactional satisfaction figure used.
At the end of Quarter 1, five CSF's are achieving target -
Overall Satisfaction; Number of Households into work, Training and
Volunteering; Current Arrears %; Colleague engagement; and % Days
Lost due to sickness.
Two CSF's are showing early warnings - Development Completions
and Safety in Home Satisfaction. We are currently 49 completions
behind the Development Programme monthly target due to delays to
handovers including re-programming of one scheme to ensure safe
access. The majority of these homes are expected to complete in
Quarter 2. Safety in Home Satisfaction is currently 82.9%, below
the year-end target of 85% but an improvement to the results
previously seen from our 2022/23 TSM pilot.
Three CSF's are currently below target:
% Digitally Active Tenants - this CSF is likely to remain static
and not hit our target while the roll-out of repairs reporting
within our customer portal is paused.
Average Re-Let Time was 28.4 days compared to a year-end target
of 25 days. We are continuing to experience competing resource
challenges associated with increased demand on the repairs service,
mainly responsive damp and mould inspections. This has impacted on
our ability to carry out repairs work on some void properties and
we have seen an increase in the turnaround time before some
properties can be relet. We are continuing to review resource
requirements in our Repairs Team to manage these priorities and
free up capacity.
Data completeness is currently 79.9% against a year-end target
of 83%, an increase of 3.5% compared to May 2023.
CORPORATE NEWS
These stories illustrate some of our recent activities,
particularly in terms of Environmental, Social and Governance.
ENVIRONMENTAL
Damp and mould communications review, Customer Scrutiny
Group
Our Insight Customer Scrutiny Group recently did a comprehensive
review of Great Places' damp and mould communications. It reflects
the success of Great Places' awareness campaign to empower
customers to identify and report potential problems promptly.
Customers were less confident about the causes of issues of damp
and mould, or what can be done about it. There were recommendations
from this review , insight for improvements - you can read the full
article on the Great Places News site.
SOCIAL
Race Equality Matters Trailblazer Status
In recognition of our work to address racial inequality within
the organisation, Great Places has been awarded the prestigious
Race Equality Matters (REM) Bronze Trailblazer Status. It is a
great reflection of the work undertaken by our Race and Religion
Counts network, and our organisational commitment to ensuring
racial equality for our Colleagues and Customers.
GBP15,000 provided to the Hatch Programme
Great Places has teamed up with Premier League side Burnley and
UK Youth to help vulnerable young people in to work via the Hatch
programme. Hatch is an employability programme, run in partnership
with KFC, which provides workshops and paid work experience
placements for young people aged 16-25 who are not in education
employment or training, or are at risk of being so. Great Places
has provided GBP15,000 to fund the programme in 2023 and will
provide further support via the More Positive Together to those who
sign up to the programme.
Great Places backs The Billy Project
Great Places Housing Group has donated GBP11,000 to a Blackburn
project helping vulnerable women. The money from the social
landlord has been used to fund the Billy Project's Community Fridge
Project, which helps provide food, healthy eating tips and
budgeting advice to women who are at risk. The food initiative is
based in Albert Street, Mill Hill, at the project's headquarters
which also provides women a safe space to exercise and access other
services around health, wellbeing and more specialised
trauma-informed services.
GBP10,000 for Burnley organisation Ehabits
A Burnley organisation which helps disadvantaged communities and
vulnerable people in one of the country's most deprived wards has
been given a helping hand by Great Places. Ehabits, in Burnley, has
been given GBP10,000 from Great Places' Financial Resilience Fund
to support and empower disadvantaged communities in the Danehouse
and Stoneyholme wards with employability, benefit advice,
energy/fuel support and language lessons to help community
integration.
GOVERNANCE
Work starts on final phase of Foxhall Village West site
Great Places hosted senior executives from Homes England and
Blackpool Council at a visit to mark the official start of work on
the final phase of Blackpool's flagship Foxhall Village West site.
New site plans were developed to deliver a mix of 2, 3 and 4 bed
homes for affordable rent.
GBP3.8m development with Salford Adult Services, Little
Hulton
Cllr Tracy Kelly, Deputy City Mayor and Lead Member for Housing,
Property and Regeneration at Salford City Council, recently joined
Great Places to view progress on the site at the new GBP3.8m
development at Highfield Road in Little Hulton, working in
partnership with Salford Adult Services. The will include supported
housing for adults with learning disabilities and two and three
bedroom houses for affordable rent.
Greater Manchester Combined Authority's Brownfield Housing
Fund
Great Places has received an allocation of GBP8.4million in the
2023 round of funding, on top of the GBP4.3million allocation it
secured in 2022, to unlock the delivery of the new homes across six
of the 10 Greater Manchester districts and for a range of tenures
from Social Rent to Shared Ownership. The Brownfield Housing Fund
is designed to unlock brownfield land for development, supporting
the Government's ambition to prioritise brownfield land, while also
increasing housing supply and wider growth.
Shadow Homelessness Minister visits GM Housing First
Shadow Minister for Homelessness and Rough Sleeping Paula Barker
MP visited Great Places Housing Group head office to talk about the
Greater Manchester Housing First partnership and the approach to
delivering Housing First across the region. The Liverpool Wavertree
MP met with Programme Lead Emily Cole, Great Places CEO Matt
Harrison, Salford City Mayor Paul Dennett as well as officials from
the Greater Manchester Combined Authority, delivery partners and
members of the partnership's co-production panel about the
successes of the programme, now in its fifth year.
FEEDBACK
We welcome feedback on our performance update. Please contact
Phil Elvy, Executive Director of Finance, at
communications@greatplaces.org.uk
The information included within this report is for information
purposes only. The Financial results quoted are unaudited. The
report may contain forward looking statements and actual outcomes
may differ materially. No statement in the report is intended to be
a profit estimate or forecast. We do not undertake to revise such
statements if our expectations change in response to events. This
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END
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