TIDM46QW
RNS Number : 4221T
Peabody Capital PLC
14 November 2019
Peabody Trust Trading Update for the period ending 30 September
2019
This is an unaudited, consolidated trading update for Peabody
for the six months ending 30 September 2019.
Highlights
On 9 May 2019, Town & Country Housing (TCH) joined the group
as a subsidiary of Peabody Trust. The results for the period are
shown both for the group excluding TCH, and with it consolidated
from 1 April 2019.
Including
TCH Excluding TCH
6 months 6 months 6 months
to September to September to September
2019 2019 2018
Homes in Management 65,255 56,274 56,187
Homes completed in the
period 447 411 470
Unit starts in the period 442 386 286
--------------------------- ------------------------ ------------------------ ------------------------
Turnover (GBPm) 318.3 284.7 261.1
Operating Surplus (GBPm) 104.8 89.4 78.7
Operating margin 33% 31% 30%
Sales margin 23% 23% 23%
Surplus for the period
(GBPm) 67.2 59.2 53.6
--------------------------- ------------------------ ------------------------ ------------------------
Drawn debt (GBPm) 2,661 2,309 2,267
Available facilities
(GBPm) 1,245 1,210 574
Cash (GBPm) 156 141 316
As a result of the merger with TCH, a gift on acquisition of
GBP0.3bn (subject to audit) is expected to be included in Peabody
Trust's statutory accounts for the year ended 31 March 2020, but is
not reflected within this trading update.
Commenting on the results Susan Hickey, CFO, said:
"This is a strong performance in the prevailing environment,
with increased turnover and surplus. Operating margins have
improved compared to the equivalent period in 2018 on a like for
like basis with a further improvement when TCH is included. Sales
margin of 23% reflects a performance on price and volume which is
in line with expectations. Liquidity is strong, with GBP1.4 billion
in available facilities and cash. Interest cover including
capitalised repairs (EBITDA-MRI) is strong at 234% "
Development Programme
We continue to progress with our development programme using a
prudent, risk-based approach, including entering into new
commitments in accordance with our plans.
The number of unsold dwellings at 30 September 2019 for the
group (including TCH) were as follows:
Reserved
or exchanged Available Total
Under 3 months 8 23 31
3-6 months 19 37 56
Over 6 months 30 33 63
Group Strategy
The strategy for 2019 - 2022 reaffirms Peabody's commitment
to:
-- Develop and deliver reliably good modern services
-- Build and maintain the best quality developments
-- Work with local communities and build long term
partnerships
-- Grow and use our position of influence to create positive
change
Fire Safety
Peabody continues to put resident safety first, prioritising
fire safety improvements and remedial measures in the property
management programme. We are proactively reviewing the composition
of our taller buildings, developing a system of prioritisation
which combines, among other things, storey height, building
complexity, specific building elements and the vulnerability of
residents. All of these factors help us categorise the risk of each
building. Any necessary actions following from this are
prioritised, and a programme of works is being planned. In the
meantime, interim measures are in place where necessary, including
"waking watch" fire wardens, which has had an impact on operating
surpluses.
Peabody is a member of the post Hackitt 'early adopters' group
in order to:
-- work through the recommendations within the report
-- understand how to deliver these within our organisation, and
-- use our experience to support the development of policy in this crucial area.
Liquidity
Over the last six months Peabody has strengthened its funding
and liquidity position, completing a number of new funding
arrangements. These include funding from the EIB and a facility
arrangement which recognises social value, incentivising Peabody to
deliver training to provide childcare places. As a result, as at 30
September 2019 Peabody had GBP3.9 billion of total funding, of
which GBP1.2 billion was available to draw, subject in some
instances to the completion of the security charging process.
Key Updates
On 8 July 2019, Standard & Poor's (S&P) confirmed a
rating for both Peabody Trust and TCH of A stable. On 30 September
2019, Moody's reaffirmed Peabody's credit rating as A3 stable. On 8
November 2019, Moody's changed the outlook on the UK's Aa2
sovereign rating from stable to negative, but Peabody's rating and
outlook is unchanged. Both ratings reflect the group's strong
balance sheet, modest debt burden, and interest coverage in the
future compared to the forecast increasing exposure to market
sales. Peabody remains G1/V2 compliant under the Regulator of
Social Housing's Governance and Viability assessments.
On 14 August 2019, Peabody announced that the current Chief
Financial Officer, Susan Hickey, will leave Peabody after 10
successful years. Susan will leave in early 2020 and the process
for recruiting a replacement is well underway with an announcement
to be made in due course.
On 23 October 2019, Peabody formed a joint venture partnership
with international property and infrastructure group Lendlease, for
long term delivery of a significant development at Thamesmead
waterfront in south-east London.
Unaudited Financial Statements and key metrics for the six
months to September 2019
Statement of Comprehensive Income
Including
TCH Excluding TCH
6 months 6 months 6 months
to September to September to September
2019 2019 2018
GBPm GBPm GBPm
Turnover 318.3 284.7 261.1
Operating costs & cost
of sales 233.5 214.0 191.6
Surplus on disposals
of fixed assets 20.0 18.7 9.2
--------------------------- ------------------------- -------------------------- ------------------------
Operating Surplus 104.8 89.4 78.7
Net interest costs 37.5 30.2 25.1
Taxation 0.1 - -
--------------------------- ------------------------- -------------------------- ------------------------
Surplus for the period(1) 67.2 59.2 53.6
Operating margin 33% 31% 30%
Sales Turnover GBPm 75.4 68.8 47.9
Sales margin GBPm 17.6 15.9 10.8
Sales margin % 23% 23% 23%
EBITDA - MRI(2) 234% 236% 315%
Statement of Financial Position
Including
TCH Excluding TCH
September September March
2019 2019 2019
GBPm GBPm GBPm
Housing Properties 6,302.5 5,513.9 5,426.0
Other tangible fixed
assets(1) 555.9 539.8 510.5
Other investments 65.7 65.7 67.5
Net current assets 682.9 674.7 579.7
----------------------------- ------------------------ ------------------------ -----------------------
Total assets less current
liabilities 7,607.0 6,794.1 6,583.7
Capital and reserves 3,290.9 2,876.2 2,816.9
Loans > one year 2,720.9 2,337.6 2,183.1
Other long term liabilities 1,595.2 1,580.3 1,583.7
----------------------------- ------------------------ ------------------------ -----------------------
Reserves and long term
liabilities 7,607.0 6,794.1 6,583.7
Gearing(3) 37% 36% 34%
(1.) Revaluations of investment properties are performed at year
end only
(2.) Operating surplus excluding depreciation and amortisation,
less capitalised repairs / interest expense
(3.) Net debt / non-current assets
Disclaimer
The information set out above ("the Update") contains certain
forward-looking statements about the future outlook for Peabody
Trust and its subsidiaries (together "the Peabody Group").
Statements in the Update, including those regarding possible or
assumed future performance of the Peabody Group, or the sectors in
which Peabody operates, should be treated with caution, as although
based on reasonable assumptions, they involve risks and
uncertainties that may cause actual results, performance or
developments to differ materially from those expressed or implied
by such forward looking statements. Further, the information is
provided as at the date of this Update and no obligation is
accepted to update the information, except as required by law or
regulation. The Update should not be construed as an offer or
solicitation to buy or sell any securities issued by Peabody
Capital PLC or Peabody Capital No.2 PLC, and nothing in this Update
should be construed as a recommendation or advice to invest in any
such securities
For more information, contact: Benjamin Blades, Senior Corporate
Affairs Manager, Peabody on 07875020950 or
Benjamin.blades@peabody.org.uk
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.
END
TSTGGGCCGUPBUBC
(END) Dow Jones Newswires
November 14, 2019 05:30 ET (10:30 GMT)
Peabody 5.25% (LSE:46QW)
Gráfico Histórico do Ativo
De Dez 2024 até Jan 2025
Peabody 5.25% (LSE:46QW)
Gráfico Histórico do Ativo
De Jan 2024 até Jan 2025
