Affinity Sutton Capital Markets PLC Update for the period ending 30 June 2016 (1655F)
2016年7月25日 - 11:51PM
ＲＮＳを含む英国規制内ニュース （英語）
TIDM51GC
RNS Number : 1655F
Affinity Sutton Capital Markets PLC
25 July 2016
AFFINITY SUTTON GROUP LIMITED
UPDATE FOR THE PERIOD ENDING 30 JUNE 2016
Financial Performance
The management accounts for Quarter 1 (Q1) 2016/17 report saw
strong performance with a net surplus of GBP33.7 million (2015/16:
GBP33.9 million), this was GBP8 million ahead of budget due largely
to a better than forecast performance from build for sale and
interest rates continuing to fall inside our budget assumptions.
The Statement of Financial Position (formerly the Balance Sheet)
showed Housing Fixed Assets of GBP2.8 billion, broadly unchanged
from 31 March 2016.
Strong cashflows totalling GBP18.3 million were generated from
sales, including returns from investments from joint ventures. This
delivered a margin on stock sold of 40% compared with a budget of
19%, and contributed GBP7m (21%) of the net surplus.
Liquidity levels (cash and undrawn facilities) remained largely
unchanged during the quarter as a result of strong cashflow. At the
end of June liquidity stood at GBP596 million. Total facilities
were GBP1.74 billion.
At the end of Q1 following the referendum result in favour of
the UK leaving the EU, swap rates fell by around 50 bps. This
caused adverse mark-to-market movements on our interest rate swaps.
These swaps are fully collateralised by property assets and at 30
June 2016 there was GBP67 million of headroom covering these
positions, providing a significant buffer should swap rates fall
any further.
Our internal matrix of financial "Golden Rules" were all met at
the end of Q1.
Operational Performance
Completion of new homes totalled 199 by June 16 (2016: 180).
Total investment was GBP24 million, slightly under expected spend
levels.
Operational performance remains good with arrears and complaints
handling better than our internal targets. The internal repairs
companies continue to perform well with a repairs satisfaction
score of 91.2% in May, the highest satisfaction index reported to
date and considerably above the 85% target. The occupancy rate is
marginally below target but remains a key focus for the operational
lettings team.
Future Foundations Programme
The Group's change programme, which incorporates a move to an
Enterprise Resource Planning (ERP) systems solution, continued to
progress well during Q1. At the end of the Quarter we reached a key
milestone in the programme with the completion of the detailed
design stage of the new system. We now move on to the next stage
when the system will be built. We remain on track for the roll-out
of Phase 1 during the second half of 2017.
Merger with Circle Housing Group Limited (Circle)
Progress on our merger with Circle continues to be strong and
positive. All key senior appointments have been filled and work
continues to complete the appointment of staff into new management
structures. The Shadow Board and Executive Team meet monthly and
have agreed all the key governance arrangements in anticipation of
the merger concluding in the Autumn. Over the next quarter we hope
to be able to conclude negotiations to obtain consents from
registration authorities, the regulator and funders. Immediate
priorities post legal completion of the merger will be to conclude
the simplification of the housing association structure across the
enlarged group.
Outlook and the result of the referendum on EU Membership
On 23 June 2016 the country voted to leave the EU. This has led
to economic and political instability and uncertainty. The most
immediate impact for the Group was on the mark-to-market of its
interest rate swaps referred to above. Beyond that we will watch
developments over the coming weeks and months, and develop
contingency plans to address that volatility. We will continue to
monitor developments carefully in two areas in particular: the
property market and the debt capital markets. Overall however,
Affinity Sutton's strong financial position, including liquidity,
means that it is well placed whatever the future economic
environment might be.
Disclaimer
The information contained herein (the "Trading Update") has been
prepared by Affinity Sutton Group Limited (the "Parent") and its
subsidiaries (the "Group"), including Affinity Sutton Capital
Markets plc (the "Issuer") 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 the Parent,
the Issuer or any other member of 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 the Parent 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 the Parent, 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.
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 a pro t estimate or forecast. No representation
or warranty, express or implied, is given by or on behalf of the
Parent, 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 legal, tax, accounting or investment
advice.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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