Town and Country Housing Group First Half Year Trading Statement (8110G)

TIDM37PX

RNS Number : 8110G

Town and Country Housing Group

27 November 2020

Town and Country Housing: First Half Year Trading Statement

27 November 2020

Town and Country Housing (TCH) is today issuing its consolidated unaudited trading statement, for the first half of financial year ending 31 March 2021.

 
                                            6 months         6 months 
                                             to Sept          to Sept 
                                               20                19 
                                                GBP000            GBP000 
 
 Operating surplus                             13,704            14,077 
 Surplus on disposal of assets                   1,176            1,252 
 Net interest payable                           (6,958)          (7,260) 
 Taxation & non-controlling interest                  1            (144) 
 Surplus                                         7,923            7,925 
                                       ================  ===============

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 ahead of 2019.

We implemented our business continuity plans early in the pandemic and we entered these unprecedented times with a strong financial and liquidity position. Our rent arrears have largely been unaffected; however, we have experienced longer repair completion times. We continue to focus on resident wellbeing, and we made over 4,000 resident support calls in the 6 months to 30 September.

Private sales and 1(st) tranche shared ownership sales generated a surplus of GBP0.4m, which was GBP1.2m below 2019 due to the timing of scheme completion and some sales delays.

At 30 September 2020 TCH had 66 properties for sale. 39 properties were reserved. Of the remaining 27 available properties, 9 have been void for greater than 6 months.

Disposal of assets provided a further GBP1.2m of surplus.

Net interest payable was GBP0.3m lower than 2019 due to increased capitalised interest on development schemes.

Future Information Releases

The next financial reporting will be the statutory financial statements which we expect to release in late July / early August 2021.

Further Information

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

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November 27, 2020 10:35 ET (15:35 GMT)

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