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A2Dominion Housing (54XE)

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Thursday 16 November, 2017

A2Dominion Housing

Half Yearly Performance Update

RNS Number : 6320W
A2Dominion Housing Group Ltd
16 November 2017
 

A2Dominion Housing Group's Half Yearly Performance Update covering the period to 30 September 2017

 

A2Dominion Housing Group announces the following update for the period to 30 September 2017.

The Group has delivered a strong financial and operational performance for the period. The Group is on track to continue at this level of performance through to the end of the financial year.

Financial Performance

 

Management Accounts

Consolidated Statement of Comprehensive Income

 



6 Months to


6 Months to



30-Sep-17


30-Sep-16



£m


£m

Turnover


200.2


213.4

Operating Surplus


96.1


68.4

Operating Margin

 

48.0%


32.0%

Interest


(26.0)


(23.1)

Surplus for the Period

 

70.1


45.2

 

Management Accounts

Consolidated Statement of Financial Position

 



Sep-17


Sep-16



£m

     

£m






Fixed Assets


3,101.1


3,060.7

Current Assets


573.0


578.1

Creditors


(2,788.9)


(2,802.5)

Net Assets


885.2


836.3






Revenue Reserves


882.3


833.8

Other Reserves


2.8


2.5

Net Equity


885.2


836.3

 

Our first six months' results deliver a strong operating margin compared to the same period last year. A significant contributor to this is the surplus being delivered from our share of joint venture profits. This impacts turnover, as the joint venture sales are netted off with cost of sales and accounted for net in turnover.

 

Operational Performance

 

Customer: The Group has performed well over the first half of the year showing continued improvement on our customer contact focussed KPIs. Our customer service centre achieved its best ever customer satisfaction result in September with 88.0% with the year to date figure standing at 83.4%.

Arrears levels across the board have remained steady with the majority of areas showing a slight year to date improvement.

Development: We are currently forecasting to complete 1,014 units by the year end against a target of 900 units with actual handovers at 339 at the end of September 2017.  Our current committed pipeline totals 5,277 units being delivered between 2018 and 2023.

Treasury: As at 30 September, the Group's overall borrowings and arranged facilities were virtually unchanged from the year end position.  Loan facilities at the half-year can be summarised as follows:

 



Arranged


Drawn



       £m


     £m






A2Dominion Housing Group Limited

(1.4)


(1.4)

A2Dominion Homes Limited

897.4


677.9

A2Dominion South Limited

784.0


648.3

A2Dominion Residential Limited

217.3


217.3






Total Loans


1,897.30


1,542.10

 

 

In addition to the £355.2m of undrawn facilities, the Group had £165m of cash invested with a variety of counterparties, in line with our Treasury policy.

As at 30 September, the Group's overall fixed rate ratio was 91% (compared to 93% as at the end of March 2017) and the average borrowing rate remains unchanged at 4.7%.

There have been no changes to the Group's borrowing structure during the year to date and no new funding was raised or refinancing carried out.  Over the next 2 years, £150m of existing loans will be lost through scheduled capital repayments and we are planning to replace these lost facilities in the near future. The annual update of our EMTN programme documentation was carried out during October, so that the Group is able make use of this over the next 12 months.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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