TIDM76FQ
RNS Number : 8622F
LiveWest Treasury PLC
11 November 2022
LiveWest Trading Update for the 6 months ended 30 September
2022
LiveWest issues its unaudited group trading update for the 6
months ended 30 September 2022, with comparatives to the unaudited
position for the 6 months ended 30 September 2021 and audited
position for the 12 months ended 31 March 2022.
Sustainability Reporting Standard
We are pleased to announce the publication of our Sustainability
Report for 2021/22. The report can be obtained by clicking the link
or accessing our sustainability page at
https://www.livewest.co.uk/about-us/sustainability.
Financial and Operating Performance
Turnover for the period of GBP151m is higher than in 2021
(GBP136m), GBP5m is due to higher rental and other social income
and GBP10m due to increased current asset sales as a result of
improved volume of Open Market sales.
Operating costs were GBP19m higher in the period mainly as a
result of repair costs and GBP8m higher cost of sales for the
shared ownership and open market homes. Repair and planned
maintenance costs were GBP8m higher due to accelerated fire safety
intrusive compartmentation surveys and their associated works, as
well as increases in managed repairs and phasing of cyclical
decoration works. This has an impact on the operating margin which
has reduced to 23%.
Surplus for the period is GBP25m (2021: GBP33m). The reduction
is primarily due to a lower surplus on disposal of housing fixed
assets and higher planned maintenance costs.
Statement of Comprehensive Income
6 Months 6 Months 12 Months
Sep-22 Sep-21 Mar-22
GBPm GBPm GBPm
Turnover 151 136 271
Operating Costs (119) (100) (209)
Surplus on Disposal of Properties 7 11 19
Operating Surplus 39 47 81
--------- ---------
Net Interest Payable (14) (14) (31)
Revaluation of Investment property 2
Movement in Fair Value of Financial
Instruments - - 1
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Surplus for the period 25 33 53
--------- --------- ----------
Financial Indicators
Sep-22 Sep-21 Mar-22
Operating Margin on Social Housing
Lettings 23% 31% 27%
Gross Margin on Shared Ownership Sales 21% 20% 21%
Gross Profit Margin on Open Market
Sales 21% 20% 21%
Sales as Percentage of Turnover 30% 26% 26%
---------------------------------------- --------- --------- ----------
Sales of open market (our share only, if part of a joint
venture) and shared ownership homes totalled 213 units for the
period (2021: 217).
Sales and margins on housing sales continue to perform strongly.
We are monitoring the potential impact of increasing mortgage
rates. As at 30 September 2022, we had 59 shared ownership stock
units of which 7 were unreserved (September 2021: 60,8) and 9 open
market stock units (our share only, if part of a joint venture) and
none were unreserved (September 2021: 8,0).
Housing Properties (net of depreciation) have increased to
GBP2,267m from GBP2,228m at March 2022. Net Debt has remained
relatively static at GBP985m (March 2022: GBP978m).
Customer satisfaction is 85% (September 2021: 88%). Void losses
for our general needs stock were 0.69% (September 2021: 0.45%),
which remains top quartile performance in the sector according to
HouseMark data. Rent arrears were 2.28% (September 2021: 2.54%).
The average days to re-let our general needs stock is 31.5
(September 2020: 31.4 days).
Liquidity
At 30 September 2022 LiveWest had liquidity of GBP337m,
consisting of available undrawn facilities of GBP321m, and
available cash of GBP16m.
Development
398 affordable units were handed over in the period (2021: 387).
We have a contracted pipeline of 2,465 affordable homes (March
2022: 2,414).
Building Safety
At 30 September 2022 100% of homes had an up to date Fire Risk
Assessment (March 2022: 100%). 100% of homes had a valid Gas Safety
Certificate (March 2022 99.99%) and 100% of rented homes met the
Decent Homes Standard (March 2022: 100%).
Board and Executive Team Changes - 6 months to September
2022
LiveWest Homes Ltd: There were no changes to the Board or the
Executive Team.
LiveWest Treasury plc: there were no changes to the membership
of the Board.
LiveWest Rating
On 21 October 2022 Moody's changed the rating outlook for the UK
from stable to negative. On 25 October 2022 Moody's changed the
outlook to negative from stable and affirmed the ratings of 40
housing associations, including LiveWest. LiveWest Homes Ltd is now
rated A2 (negative) by Moody's, and G1/V1 by the Regulator of
Social Housing (March 2022).
END
For more information, please contact:
Andrew Hart, Director of Corporate Finance 01392 814444
https://www.livewest.co.uk/about-us/for-investors
Disclaimer
The information contained herein (the "Trading Update") has been
prepared by LiveWest Homes Limited (the "Parent") and its
subsidiaries (the "Group"), including LiveWest Treasury 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. The information contained in the Trading
Update is unaudited.
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 profit 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.
Figures quoted in the update are based on unaudited management
accounts which are subject to review and further adjustments, for
example in the areas of pensions, investment property valuation and
taxation.
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END
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