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Peabody Capital No 2 (41LI)


Thursday 30 July, 2020

Peabody Capital No 2

Annual Financial Report

RNS Number : 5402U
Peabody Capital No 2 PLC
30 July 2020


Publication of Financial Statements

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

On 30 July 2020 the consolidated financial statements of Peabody Trust for the year ended 31 March 2020 were made available:

The Peabody Group generated a surplus of £122m (before a non-cash accounting adjustment for Town and Country Housing joining the group which adds a one-off £347m) in the period and invested £113m in our existing homes and £313m in new homes.

Total turnover for the year was £662m compared to £565m in the year before.

Average rents at £117 per week were significantly below market levels, reflecting the Group's commitment to genuinely affordable rents: on an annual basis this represents a reduction of £450m against market rent.

Revenues from private sales and first tranche sales were higher than the previous year at £168m (2019: £132m), with  gross margin on private sales of 23% (2019: 24%). This enabled Peabody to support the development programme which continues to be weighted towards affordable rented homes 41% (2019: 42%).

The margin on social housing remained at 32% despite the impact of four consecutive years of rent reductions, Peabody rents being £25m below target rents and the increased spend on fire safety operations. The addition of Town and Country Housing to the Group had a positive impact on margin.

Chief Financial Officer, Eamonn Hughes said:

"This is another strong financial performance for Peabody, as we continue to focus our resources to invest in our social purpose and deliver more for our residents and the communities we support.

The surplus for the year of £122m has, as always, been reinvested in full so that the benefits will be returned back to our residents and their communities.

We have demonstrated strong financial controls in absorbing the impact of the final year of rent reductions and additional spend on building safety.  This has put us in a position to increase the investment in our existing homes by £29m in the year (£113m, 2019: £84m), and to continue to deliver new genuinely affordable homes. 80% of the new homes we built last year were affordable.

We have invested £9m in community investment during the year, helped 1,100 people into jobs and apprenticeships and provided 78,300 hours of free and low-cost community activities.

We retain strong interest cover, gearing and debt ratios and these provide a platform for us to best help those in need. Our strong financial position and liquidity mean that we are able to manage the impacts of Covid-19 and to continue our commitment to invest in developing new homes in the future."

Also on 30 July 2020 the financial statements for Peabody Capital Plc and Peabody Capital No.2 Plc for year ended 31 March 2020 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, Head of External Affairs, Peabody on 07875 020 950 or [email protected]


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