TIDM37PX

RNS Number : 4219T

Town and Country Housing Group

14 November 2019

Town and Country Housing: First Half Year Trading Statement

14 November 2019

Town and Country Housing (TCH) is today issuing its consolidated unaudited trading statement, for the first half of financial year ending 31 March 2020.

 
                                           6 months        6 months 
                                            to Sept         to Sept 
                                              19               18 
                                               GBP000           GBP000 
 
 Operating surplus                            14,077           12,899 
 Surplus on disposal of assets                  1,252           1,546 
 Net interest payable                         (7,260)          (6,570) 
 Taxation & non-controlling interest            (144)              (1) 
 Surplus                                        7,925            7,874 
                                       ==============  ===============

Note: No assumption is made about any gain on revaluation of investment properties in either year, as revaluation is undertaken at year end.

TCH became part of Peabody Group on 9 May 2019 and will continue as an operating subsidiary.

The core rental business continued to perform strongly. The operating surplus before private sales and shared ownership 1(st) tranche sales was in-line with 2018 despite the final year of the 1% rent reduction.

Private sales and 1(st) tranche shared ownership sales generated a surplus of GBP1.6m, which was GBP1.2m ahead of 2018 due to the completion of the final phase of Lakewood in Tunbridge Wells.

At 30 September 2019 TCH had eleven properties for sale. Six properties were reserved, and one was sold pending legal completion. The remaining four available properties had all been actively marketed for less than three months.

Disposal of assets provided a further GBP1.3m of surplus.

Net interest payable was GBP0.7m higher than 2018 due to increased loan margins from loan modifications as part of the merger with Peabody Group.

Future Information Releases

The next financial reporting will be the statutory financial statements which we expect to release in late July / early August 2020.

Further Information

For further information contact Mike Hyams, Regional Finance Director on 01892 501477

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.

END

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November 14, 2019 05:30 ET (10:30 GMT)

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