Boston Mayflower Finance PLC Trading Update for LHP (0177T)
22 Março 2021 - 6:51AM
UK Regulatory
TIDM90IY
RNS Number : 0177T
Boston Mayflower Finance PLC
22 March 2021
Boston Mayflower Finance Plc -
Trading Update for Lincolnshire Housing Partnership Limited
(LHP):
For January 2021
Following a year under Covid-19 and lockdown restrictions, LHP
(who account for operational activity) continues to closely monitor
its financial and operational performance. LHP finds itself in a
better position than anticipated 12 months ago at the outset of the
pandemic.
LHP has actively identified and monitored risks to its
performance. During the first phase of the Covid-19 lockdown LHP,
along with other social housing providers, prudently paused its
capital investment programme. Catch up works have now restarted and
are due to complete over the next 24 months. While these works will
have an impact on the immediate EBITDA-MRI position in the coming
12 months, they will provide residents with improved facilities as
well as provide continued investment in LHP's asset portfolio.
For empty (or void) properties, LHP's standard approach is to
recognise a loss of rental income. Voids ( 2.5% ) have not been as
high as predicted ( 2.9% ) and LHP is now recognising lower void
losses than expected. Rental arrears ( 3.6% ) are also being
carefully controlled and continue to remain much less than LHP had
originally expected under Covid-19 restrictions ( 5.0% ).
In approaching the year end, LHP anticipates revenue to be less
than 1% below the budget set more than a year ago. Additionally,
lower repairs expenditure due to the pandemic as well as additional
surplus on sales of properties means LHP has exceeded budget to
date for this financial year
During the year LHP also restructured its banking facilities,
enabling a reduction in overall funding costs and increasing
flexibility. This included breaking an existing fixed rate, which
reduced overall cost of funds, the cost of which will be included
in the financial statement for this year.
LHP in early March 2021, had its credit rating confirmed as A+
by Standard and Poor's. While this now includes a negative outlook
(due in some part to extra expenditure impacted by rebound spend
related to Covid-19) it nevertheless re-affirms Lincolnshire
Housing Partnership's financial strength and resilience. LHP has a
stronger liquidity position due to its recent capital raising,
providing further resilience to withstanding potential pressures
from the pandemic.
Over the summer we plan to welcome all parties to a Webinar
where we will present our financial statements for the year to
31(st) March 2021 and provide a commentary on our operational and
financial performance. We will post an update with further details
in due course on the "Investors" webpage of the Lincolnshire
Housing Partnership website.
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This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
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END
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