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Friday 07 December, 2018

Town and Country

First Half Year Trading Statement

RNS Number : 8042J
Town and Country Housing Group
07 December 2018
 

 

Town and Country Housing Group: First Half Year Trading Statement

 

7 December 2018

Town and Country Housing Group (TCHG) is today issuing its consolidated unaudited trading statement for the group, for the first half of financial year ending 31 March 2019. 

 

                                                                                                            6 months to                       6 months to  

 

Sept 18

 

     Sept 17 

 

         £000 

 

         £000 

 

 

 

 

Operating Surplus

12,899

 

14,987

Surplus on disposal of assets

1,546

 

1,431

Net Interest Payable

(6,570)

 

(6,474)

Taxation & Non Controlling Interest

(1)

 

(133)

Surplus

           7,874

 

               9,811

 

 

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

The core rental business continued to perform strongly, and operating surplus was 1.1% higher than budgeted. Compared to the prior year, income was lower, reflecting the 1% rent decrease required by statute, whilst repair costs were higher. 

Disposal of assets (including "staircasing", where shared owners buy a further tranche of the property) provided a further £1.5m of surplus. 

 

Proposed Merger

 

On 5 November, Peabody Trust and TCHG announced plans for TCHG to become part of the Peabody Group. Work is proceeding on these plans. 

Credit Rating

 

Following the announcement on 5 November, S&P Global Ratings placed TCHG on watch negative, whilst maintaining the current A+ rating.

Future Information Releases

 

The next financial reporting will be the statutory financial statements, which we expect to release in late July / early August 2019.

 

Further Information

 

For further information contact Robin Tebbutt, Finance Director on 01892 501480


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