Trading Update

Boston Mayflower Finance PLC

13 February 2024

 

Boston Mayflower Finance PLC

13 February 2024

Boston Mayflower Finance PLC, a wholly owned subsidiary of Lincolnshire Housing Partnership (a registered Housing Association), announces the trading update for LHP for the 9 months to 31^st December 2023.

The figures presented are unaudited and for information purposes only.

With continuing inflationary pressures to manage this year, LHP continues to closely monitor it's financial and operational performance. With consistent operating margins and good levels of liquidity, LHP remain in a strong position to continue to meet the needs of our customers by investing in their homes, local communities, and services.

Statement of Comprehensive Income	31 Dec 2023	31 Dec 2023
	Actual	Budget
Turnover	£48.1m	£47.4m
Operating Surplus	£14.2m	£14.6m
Surplus After Tax	£9.1m	£9.2m
Total Comprehensive Income	£8.4m	£8.5m
Operating Margin	29.5%	30.8%

As at P9, The Statement of Comprehensive Income reflects a stable business, with outturn in line with budget.

Key Metrics	31 Dec 2023
	Actual
Gearing (Net Debt/Housing assets at historic cost)	43%
EBITDA Interest Cover (EBITDA / Net Interest payable)	395%
Liquidity (as % of Net Cash Requirement over 24 months)	1566%

There have been no changes to the Group structure during the period.

Following the year end, we will be inviting all parties to a Webinar where we will present our financial statements for the year to 31^st March 2023 and provide a commentary on our operational and financial performance. We will post an update with further details in due course on the "Investors" webpage of the Lincolnshire Housing Partnership website.

For further information or comments on this announcement, please contact:

[e-mail]

 

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