Notting Hill Housing Trust Trading Statement (2504I)

TIDM61RH

RNS Number : 2504I

Notting Hill Housing Trust

22 November 2018

Notting Hill Genesis Trading Update for the period ended 30(th) September 2018

The following trading update compares Notting Hill Genesis (NHG) consolidated unaudited position for the six months ended 30(th) September 2018 (Q2 2018) to the unaudited prior year equivalent position being the six months ended 30(th) September 2017 (Q2 2017).

The unaudited Q2 2017 position is based on the combined legacy Notting Hill Housing Group and Genesis Housing Association six months management accounts adjusted to align accounting policies.

 
 Statement of Comprehensive Income            Q2 2018   Q2 2017   Change 
                                               (GBPm)    (GBPm) 
 Turnover                                       306.2     307.1    (0.9) 
 Cost of sales                                 (30.4)    (33.2)      2.8 
 Operating costs                              (197.3)   (185.8)   (11.5) 
 Surplus on disposal of fixed assets             24.8      28.5    (3.7) 
 Investment property revaluation                    -         -        - 
 Gains/losses from joint ventures                   -         -        - 
                                             --------  --------  ------- 
 Operating profit                               103.3     116.6   (13.3) 
                                             --------  --------  ------- 
 Net interest payable                          (52.3)    (51.0)    (1.3) 
 Gains in respect of financial derivatives        5.2      10.1    (4.9) 
                                             --------  --------  ------- 
 Surplus for the period                          56.2      75.7   (19.5) 
                                             --------  --------  ------- 
 
 
 Statement of Financial Position          Q2 2018   Q2 2017   Change 
                                           (GBPm)    (GBPm) 
 Housing properties                       7,345.2   6,979.7    365.5 
 Other tangible assets                       64.6      63.9      0.7 
 Investments                                 71.5      55.3     16.2 
 Net current assets                         505.2     443.9     61.3 
                                         --------  --------  ------- 
 Total assets less current liabilities    7,986.5   7,542.8    443.7 
                                         --------  --------  ------- 
 Loans due in more than one year          3,183.8   2,977.8    206.0 
 Unamortised grant liability              1,204.6   1,047.6    157.0 
 Other long term liabilities                368.6     376.4    (7.8) 
 Capital and reserves                     3,229.5   3,141.0     88.5 
                                         --------  --------  ------- 
 Total funding                            7,986.5   7,542.8    443.7 
                                         --------  --------  ------- 
 
 
 Other information       Q2 2018    Q2 2017      Change 
 Capitalised interest   GBP17.1m   GBP19.0m     GBP1.9m 
                       ---------  ---------  ---------- 
 Housing depreciation   GBP25.7m   GBP25.6m   (GBP0.1m) 
                       ---------  ---------  ---------- 
 Other depreciation      GBP7.6m    GBP7.2m   (GBP0.4m) 
                       ---------  ---------  ----------

Group debt was GBP3,253m (as at 31 March 2018: GBP3,268m) and undrawn facilities at the end of September 2018 is GBP983m (as at 31 March 2018: GBP894m)

We have completed 230 properties since 1 April. An additional 138 units have been delivered via stock transfers or the purchase and repair programme. Our overall programme is 11,800 units of which 65% are designated as affordable tenures.

Budget

The Board set a budgeted surplus of GBP43.9m for the first six months of operation of Notting Hill Genesis. The budget for the first full year of operation to 31(st) March 2019 is GBP97.5m.

The budget includes no allowance for mark to market movements in financial derivatives or for movements in the value of investment properties. Investment properties have not been revalued at 30 September 2018

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 22, 2018 09:59 ET (14:59 GMT)

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