RHP Annual Report and
Financial Statements 2023/24
We've now published our
2023/24 annual report and financial statements, which you can
download below:
http://www.rns-pdf.londonstockexchange.com/rns/2065C_1-2024-8-29.pdf
Key
highlights
·
Operating
surplus of £16.3m (2023: £18.2m)
·
£17.0m
invested in capital works to existing properties (2023:
£12.4m)
·
A (stable)
credit rating from Standard and Poor's
·
G1/V1
regulatory governance and viability rating affirmed
In a very challenging
period for social housing, we are pleased to report a continued
strong set of results. EBITDA-MRI interest cover for the year was
137% compared to a 22/23 upper quartile performance for London
providers of 115%.
Our liquidity remains
strong and interest rate exposure minimal following successful
refinancing in 22/23.
We carefully manage the
difficult balance between investment in asset performance and
financial strength. Spend on capital works on our homes continues
to increase as we invest in improvements in energy efficiency of
the portfolio and ongoing programmes of component
replacements.
Our financial strength
enables us to continue to invest in carpets and full redecoration
for all void properties, works to prevent damp and mould, and
technology to advance our predictive maintenance
programme.
We recognised that this
was likely to result in a change in our S&P credit rating and
know that this accurately reflects our desire to shift this balance
in favour of investment in our stock.
We have also chosen to
invest more in 23/24 in our service, as it has taken longer than we
had hoped to embed our new repairs service 'RHP Home', which
launched in June 2023 in partnership with Kier Places. This
investment includes adding additional resources into the repairs
service and management of damp and mould.
These investments, coupled
with the challenges faced across the sector in increasing costs of
insurance and additional regulation, have resulted in a reduction
in our operating surplus.
Tackling
the housing crisis
Our modest and prudent
development programme continues to deliver in accordance with our
strategy.
Over the past year, we
invested £26.6 million in the development of new homes,
successfully completing 125 homes, which included 13 accessible
properties.
We are also excited to
have begun construction at our largest regeneration project, Ham
Close, which will provide 452 new affordable and private sale
homes.
Our pipeline remains
strong and offers a variety of schemes in our areas of
operation.
Listening
to our customers
We recognise our repairs
service has not yet improved to the levels we aspire to deliver,
and that directly correlates to our overall customer satisfaction
and complaints.
Along with our customers'
safety, improving our repairs service is our highest priority. Our
focus in this area has led to improvements in 2024/25 which we
continue to build on.
We have also invested in a
new Community Engagement Team, who are committed to listening to
feedback, turning voices into action, and working in partnership
with customers to achieve outcomes that matter.
An
inspiring and inclusive employee experience
We continue to employ
people who connect with our social purpose and values, and are
passionate about delivering excellent service. Employee
satisfaction levels remain strong at 80% and we have been
recognised externally by gaining Top Employers Certification and
Gold accreditation in the Mind Workplace Wellbeing Index, both for
the second time.
Looking
forwards
In early 2024/ 25 we
launched our new three-year vision and strategy.
Our vision is to be
trusted as a socially responsible housing provider which is
high-performing, community-connected, and values-based.
We are confident that the
strategy we have in place to fulfil this vision, coupled with our
financial strength, will enable us to improve our service and
deliver for our customers in the areas that matter most. As well as
investing in existing homes, we will also continue to provide more
much-needed affordable, accessible, and sustainable homes for local
people.
Finally, our growth
strategy will allow us to expand our social impact, as well as
protecting our business for the future.
These consolidated
financial statements include RHP Ltd, Co-op Homes (South) Ltd, RHP
Finance PLC, RHP Develop Ltd and RHP Home (Repairs)
Ltd.