Town and Country

First Half Year Trading Statement

RNS Number : 9527T
Town and Country Housing Group
30 November 2021
 

Town and Country Housing: First Half Year Trading Statement

 

30 November 2021

 

Town and Country Housing (TCH) is today issuing its consolidated unaudited trading statement, for the first half of the financial year ending 31 March 2022.

 


 6 months to Sept 21

 6 months to Sept 20


   000

  £000




Operating surplus

  13,745

  13,704

Surplus on disposal of assets

  1,705

  1,176

Net interest payable

(6,979)

  (6,958)

Taxation & non-controlling interest

  (17)

  1

Surplus

  8,454

  7,923

 

 

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.

 

Rental income from the core business continued to perform strongly, however maintenance costs are £1.5m higher than in 2020. This is due to clearing a backlog of repairs jobs and preparing for the re-procurement of the major repairs contract. There is also additional expenditure on fire safety remedial works.

 

Shared ownership 1st tranche sales and private sales generated a surplus of £2.6m which was £2.2m ahead of 2020. This is due to an enlarged programme and a carry-over of sales from 2020.

 

At 30 September 2021 TCH had 70 properties for sale. 48 properties were reserved. Of the remaining 22 available properties, 3 have been void for greater than 6 months (2 are show homes).  

 

Disposal of assets provided a further £1.7m of surplus.

 

Net interest payable was in-line with 2020.

 

On August 20, 2021, S&P Global Ratings (S&P) lowered its long-term issuer credit rating on Peabody Group from 'A' to 'A-' with a stable outlook. At the same time the credit rating on Town & Country Housing (TCH) was similarly lowered. This was because S&P considers TCH to be a core subsidiary of Peabody.

 

Future Information Releases

 

The next financial reporting will be the statutory financial statements which we expect to release in late July / early August 2022.

 

Further Information

 

For further information contact Mike Hyams, Regional Finance Director on 01892 501477

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 [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
TSTEAEFNAEXFFAA