TIDM37PX

RNS Number : 4865I

Town and Country Housing Group

02 December 2022

Town and Country Housing: First Half Year Trading Statement

2 December 2022

Town and Country Housing (TCH) is today issuing its consolidated unaudited trading statement, for the first half of the financial year ending 31 March 2023.

 
                                           6 months        6 months 
                                            to Sept         to Sept 
                                              22               21 
                                               GBP000           GBP000 
 
 Operating surplus                            11,333            13,745 
 Surplus on disposal of assets                  1,840            1,705 
 Net interest payable                         (8,101)          (6,979) 
 Taxation & non-controlling interest             -                (17) 
 Surplus                                        5,072            8,454 
                                       ==============  ===============

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.

Rental income from the core business continued to perform strongly, however maintenance costs are GBP1.0m higher than in 2021. This is due to clearing a backlog of repairs jobs and preparing for the start of the reprocured major repairs contract. There is also additional expenditure on fire safety remedial works.

Shared ownership 1(st) tranche sales and private sales generated a surplus of GBP0.9m which was GBP1.7m below 2021. This is due to the timing of handovers and sales which are skewed to the 2(nd) half of 2022.

At 30 September 2022 TCH had 22 properties for sale. 15 properties were reserved. Of the remaining 7 available properties, 1 has been void for greater than 6 months (a show home which has since been sold).

Disposal of assets provided a further GBP1.8m of surplus.

Net interest payable was ahead of 2021 which was due to a combination of higher interest rates and higher debt (funding new developments).

In October, S&P Global Ratings put Peabody's rating ('A-') to a negative outlook. This was in response to their reassessment of the outlook for the UK sovereign to negative. At the same time Town & Country Housing's was outlook was similarly changed. This was because S&P considers TCH to be a core subsidiary of Peabody.

Future Information Releases

The next financial reporting will be the statutory financial statements which we expect to release in late July / early August 2023.

Further Information

For further information contact Mike Hyams, Regional Finance Director at mike.hyams@tch.org.uk

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December 02, 2022 10:30 ET (15:30 GMT)

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