Half-year Trading Statement

Town and Country Housing Group

07 December 2023

 

Town and Country Housing: First Half Year Trading Statement

7 December 2023

Town and Country Housing (TCH) is today issuing its consolidated unaudited trading statement, for the first half of the financial year ending 31 March 2024.

	6 months to Sept 23	6 months to Sept 22
	£000	£000
Operating surplus	17,165	11,333
Surplus on disposal of assets	2,777	1,840
Net interest payable	(13,539)	(8,101)
Taxation & non-controlling interest	-	-
Surplus	6,403	5,072

Note: No assumption is made about any gain on revaluation of investment properties in either year, as revaluation is undertaken at year end.

TCH became part of Peabody Group on 9 May 2019 and will continue as an operating subsidiary. On 4 April 2023 TCH received via a statutory transfer of undertaking Rosebery

Housing Association. TCH's operational geography now extends from Kent and Sussex to include Surrey supporting 13,000 homes. Rosebery's results are included for the six months to September 2023, generating an operating surplus of £3,462k. In June 2023 following an approach from the regulator we acquired 5 extra care schemes (252 homes) from Rapport Housing and Care.

Rental income from the core business continued to perform strongly with collection rates similar to the previous year. Maintenance costs are £3.9m higher than in 2022. This is due to an increased number of responsive repairs jobs with high material cost inflation. There was also higher void repair costs and additional damp, mould, and condensation intervention costs.  

Shared ownership 1^st tranche sales and private sales generated a surplus of £2.3m which was £1.7m above 2022. This is due to the timing of handovers and sales in 2022 which were skewed to the 2^nd half of the year.

At 30 September 2023 TCH had 36 properties for sale. 24 properties were reserved. Of the remaining 12 available properties none have been void for greater than 6 months.

Disposal of assets provided a further £2.8m of surplus.

Net interest payable was ahead of 2022 which was due to the inclusion of Rosebery's debt, higher interest rates and higher debt (funding new developments).

S&P Global Ratings maintained Peabody's rating ('A-') negative outlook following a recent review. Town & Country Housing's rating follows that of Peabody's as S&P considers TCH to be a core subsidiary.

Future Information Releases

The next financial reporting will be the statutory financial statements which we expect to release in August 2024.

Further Information

For further information contact Mike Hyams, Regional Finance Director at [e-mail]

 

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