Karbon Homes Limited Half-year trading update (2526W)
10 Dezembro 2019 - 11:00AM
UK Regulatory
TIDM46GV
RNS Number : 2526W
Karbon Homes Limited
10 December 2019
Karbon Homes Group
10 December 2019
Karbon Homes Group trading update for the period ending
30 September 2019
-- Karbon Homes Group (KHG) is today issuing its consolidated trading update for
the period ended 30 September 2019.
-- These figures are unaudited and for information
purposes only.
Highlights for the period ending 30 September
2019
-- KHG own and manage 26,273 homes
-- Turnover for the period was GBP63.7m (2018:
GBP62.6m)
-- Operating surplus (including asset sales) for the period
was GBP20.3m (2018: GBP19.7m)
-- Overall operating margin (including asset sales)
was 32% (2018: 31%)
-- Overall operating margin (excluding asset sales) was
30% (2018: 31%)
-- Net margin on shared ownership (first tranche)
was 20% (2018: 34%)
-- The surplus after tax for the period was GBP12m
(2018: GBP13m)
-- Gearing as at 30 September 2019 was 44% (2018:
37%)
-- Return on capital employed for the period was
2% (2018: 2%)
Commenting on the results, Greg van Enk-Bones, Interim Executive
Director of Resources, said:
"We are pleased to publish our mid-year 2019/20 results. This
is the second year of our 5-year strategy, which includes our
aim to build more than 500 new affordable homes.
We are excited to have delivered 213 new affordable homes in
the first half of this financial year and we are on track to
deliver our target of 519 by the end of March 2020.
We have also recently conducted a customer survey and we are
proud of the results, which gave us a +43 Net promoter score.
Finally, we continue to invest in our communities during the
year to date, resulting in targets for those moving into education,
training and employment being surpassed in the period to Sept
2019. All of this means we are well on track to deliver against
our three strategic aims of Homes, Customer and Place."
S&P Global have reviewed our credit rating and we have retained
our A+ rating.
We look forward to continuing successes in delivering new homes
whilst continuing to drive operating efficiencies and strong
financial results.
Our unaudited 6 monthly Group results and other key indicators
are displayed below
Unaudited Financial Metrics
30-Sep 30-Sep
Statement of Comprehensive Income 2019 2018
Actual Actual
GBP'000 GBP'000
Turnover 63,680 62,639
Operating Surplus (including asset sales) 20,339 19,715
Surplus after tax 11,959 12,958
Margins
Overall operating margin (incl. asset sales)
(Note 1) 32% 31%
Overall operating margin (excl. asset sales)
(Note 2) 30% 31%
Operating margin on shared ownership (first
tranche) (Note 3) 20% 34%
Key Financial Ratios
EBITDA MRI (Note 4) 289% 340%
Gearing (Note 5) 44% 37%
Return on Capital Employed (ROCE) (Note 6) 2% 2%
30-Sep
2019
Liquidity
24 month liquidity requirement (GBP'000) (Note
7) 108,649
Cash and undrawn facilities (GBP'000) (Note
8) 196,500
Unencumbered stock (no of properties) 4,259
Value of unencumbered stock (Avg of EUV and
MV, GBP'000) (Note 9) 151,097
Loan security excesses (Avg of EUV and MV, GBP'000)
(Note 10) 205,782
Credit Rating
S & P A+ (negative)
Notes:
1) Operating margin including asset sales includes all activity
2) Operating margin excluding assets removes gain or loss on
disposal of assets
3) Operating surplus on First tranche shared ownership sales
/ Turnover from first tranche shared ownership sales
4) (Operating surplus + Depreciation + Amortisation - Capitalised
major repairs) / Net interest paid
5) Group Net Debt / Group Housing assets at historic cost less
depreciation (RSH VFM Gearing definition), differs to Karbon's
banking gearing calculation
which is defined as Net Debt/Housing assets at historic cost,
and informs our internal Golden Rules
6) Operating Surplus (incl. asset sales) / Total Assets less
current liabilities
7) 24 month cashflow requirements
8) Cash and undrawn RCF (Revolving Credit Facilities)
9) Value of stock not held by a lender or security trustee, at
average GBP35k per unit
10) Value of excess security held with current lenders or Prudential
Trustees
This trading update contains certain forward-looking statements
about the future outlook for Karbon Homes Group. These have been
prepared and reviewed by Karbon only and are unaudited.
Forward-looking statements inherently involve a number of uncertainties
and assumptions. Although the Directors believe that these statements
are based upon reasonable assumptions on the publication date,
any such statements should be treated with caution as future
outlook may be influenced by factors that could cause actual
and audited outcomes and results to be materially different.
Additionally, the information in this statement should not be
construed as solicitation/recommendation to invest in Karbon's
bonds
For further information, please contact:
Andrew Thompson, Assistant Director: Treasury
07917 642957
https://www.karbonhomes.co.uk/corporate/
END
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END
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