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Thursday 14 November, 2019

Town and Country

First Half Year Trading Statement

RNS Number : 4219T
Town and Country Housing Group
14 November 2019
 

Town and Country Housing: First Half Year Trading Statement

 

14 November 2019

 

Town and Country Housing (TCH) is today issuing its consolidated unaudited trading statement, for the first half of financial year ending 31 March 2020.

 


 6 months to Sept 19

 6 months to Sept 18


         £000

         £000




Operating surplus

       14,077

       12,899

Surplus on disposal of assets

         1,252

         1,546

Net interest payable

(7,260)

   (6,570)

Taxation & non-controlling interest

(144)

(1)

Surplus

         7,925

7,874

 

 

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.

 

The core rental business continued to perform strongly. The operating surplus before private sales and shared ownership 1st tranche sales was in-line with 2018 despite the final year of the 1% rent reduction.

 

Private sales and 1st tranche shared ownership sales generated a surplus of £1.6m, which was £1.2m ahead of 2018 due to the completion of the final phase of Lakewood in Tunbridge Wells.

 

At 30 September 2019 TCH had eleven properties for sale. Six properties were reserved, and one was sold pending legal completion. The remaining four available properties had all been actively marketed for less than three months.  

 

Disposal of assets provided a further £1.3m of surplus.

 

Net interest payable was £0.7m higher than 2018 due to increased loan margins from loan modifications as part of the merger with Peabody Group.

 

Future Information Releases

 

The next financial reporting will be the statutory financial statements which we expect to release in late July / early August 2020.

 

Further Information

 

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


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