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Peabody Capital No 2 (41LI)

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Wednesday 07 August, 2019

Peabody Capital No 2

Annual Financial Report

RNS Number : 3053I
Peabody Capital No 2 PLC
07 August 2019
 

 

Publication of Financial Statements

Peabody Capital No 2 Plc and Peabody Capital Plc announce the publication of the following documents:

On 7 August 2019 the consolidated financial statements of Peabody Trust for the year ended 31 March 2019 were made available:

https://www.peabody.org.uk/about-us/our-performance/publications-and-reports

The Peabody Group generated a surplus of £148m in the period and invested £440m in new and existing homes.

Rents remained at an average of £120 per week, which on an annual basis is approximately £444m lower than the market value. The margin on social housing lettings remained at 32%, reflecting the Group's efficient performance amidst rent reductions and additional investment in fire safety.

The group secured investment of £9m in the Peabody Community Foundation, 1,231 job and apprenticeship opportunities, and delivered care and support services to over 21,000 people. Every £1 invested in employment and training programmes generated £5.71 in social return.

Chief Financial Officer, Susan Hickey said:

"This is a strong set of financial results given the prevailing uncertain economic climate. Maintaining London rents at truly affordable levels is crucial to delivering our social purpose. Low rents provide tenants and the taxpayer with an estimated value of £444m each year, when rents are compared with the market.

The surplus for the year of £148 million has been fully reinvested. Interest cover, gearing and debt ratios remain strong, supporting new debt raised during the year to enable us to deliver more. A focus for us going forward will be to modernise our services and further demonstrate the positive sustainable impact we make to help our communities prosper."

Also on 7 August 2019 the financial statements for Peabody Capital Plc and Peabody Capital No.2 Plc for year ended 31 March 2019 were made available.

A copy of each set of accounts has been submitted to the National Storage Mechanism and is available for inspection.

For further information, please contact:

Benjamin Blades, Senior Corporate Affairs Manager, Peabody on 07875 020 950 or [email protected]

 


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