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Friday 27 November, 2020

Town and Country

First Half Year Trading Statement

RNS Number : 8110G
Town and Country Housing Group
27 November 2020
 

Town and Country Housing: First Half Year Trading Statement

 

27 November 2020

 

Town and Country Housing (TCH) is today issuing its consolidated unaudited trading statement, for the first half of financial year ending 31 March 2021.

 


 6 months to Sept 20

 6 months to Sept 19


   000

  £000




Operating surplus

  13,704

  14,077

Surplus on disposal of assets

  1,176

  1,252

Net interest payable

(6,958)

  (7,260)

Taxation & non-controlling interest

  1

(144)

Surplus

  7,923

  7,925

 

 

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 ahead of 2019.

 

We implemented our business continuity plans early in the pandemic and we entered these unprecedented times with a strong financial and liquidity position. Our rent arrears have largely been unaffected; however, we have experienced longer repair completion times. We continue to focus on resident wellbeing, and we made over 4,000 resident support calls in the 6 months to 30 September.

 

Private sales and 1st tranche shared ownership sales generated a surplus of £0.4m, which was £1.2m below 2019 due to the timing of scheme completion and some sales delays.

 

At 30 September 2020 TCH had 66 properties for sale. 39 properties were reserved. Of the remaining 27 available properties, 9 have been void for greater than 6 months.  

 

Disposal of assets provided a further £1.2m of surplus.

 

Net interest payable was £0.3m lower than 2019 due to increased capitalised interest on development schemes.

 

Future Information Releases

 

The next financial reporting will be the statutory financial statements which we expect to release in late July / early August 2021.

 

Further Information

 

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

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