Guinness Partnership (The) Limited Annual Financial Report (7075K)
29 Agosto 2023 - 12:30PM
UK Regulatory
TIDMBB26
RNS Number : 7075K
Guinness Partnership (The) Limited
29 August 2023
Publication of The Guinness Partnership Ltd.'s Financial
Statements for the year ended 31st March 2023
Financial Statements are now available online:
https://www.guinnesspartnership.com/about-us/company-publications/
The Guinness Partnership Group 2023 2022
Financial Metrics
---------- ----------
Turnover GBP540.3m GBP388.2m
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Surplus after tax GBP46.4m GBP41.4m
---------- ----------
Operating Surplus GBP98.5m GBP96.6m
---------- ----------
Operating margin 18.3% 24.9%
---------- ----------
Operating margin - social housing
lettings 22.1% 24.5%
---------- ----------
Investment in existing homes GBP177.5m GBP143.1m
---------- ----------
EBITDA-MRI interest cover 107.8% 98.1%
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EBITDA interest cover 238% 193%
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Total Reserves GBP1,047m GBP958m
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Gearing (net debt as % of housing
properties at cost) 38.2% 40.8%
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Other Metrics
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Homes managed 64,709 64,326
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Homes under construction 4,113 3,319
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New homes completed 814 410
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The Group generated an overall surplus of GBP46.4m for the year
ended 31 March 2023, an increase of GBP5m compared to the prior
year. Group turnover has increased to GBP540.3m (2022: GBP388.2m)
and the overall surplus represents a net margin of 8.6%
(2022:10.7%).
The surplus generated by core social housing operations has
decreased by GBP3.2m to GBP79.1m (2022: GBP82.3m). A surplus of
GBP16.0m (2022: GBP0.1m) was generated from sales of 299 new homes
on the open market, and a surplus of GBP2.3m (2022: GBP2.1m) from
the sale of the first tranche of 261 shared ownership homes. A
further GBP10.8m (2022: GBP18.6m) was generated from the sale of
our existing homes. Property sales typically generate a lower
margin than social housing activities, so the increased sales
activity this year, whilst profitable, has reduced the overall
margin reported by the Group compared to the prior year to 18.2%
(2022: 24.9%).
The underlying Group operating margin excluding surplus from the
disposal of housing properties, first tranche sales and outright
sales has declined compared to the prior year to 18.1% (2022:
21.2%) due to inflationary cost pressures, increased demand for
responsive repairs and impairment charges of GBP4.9m.
The overall reported surplus has benefited from a one-off fair
value credit of GBP12.4m against finance costs, arising from the
redemption and repayment of financial liabilities (loans and
interest rate swaps) during the year.
The Group operating margin reflects impairment charges of
GBP4.9m recognised against development schemes where forecast costs
to complete the schemes have increased. The overall surplus
reflects a further impairment of Guinness Developments Limited's
GBP10m investment in Ilke Homes, a manufacturer of modular homes
who ceased trading subsequent to year end.
The Group margin also reflects losses incurred by Guinness Care
and Support in the first eight months of the year before its assets
and liabilities were transferred to TGPL in December 2023. These
losses primarily related to domiciliary care services (and
associated overheads) which we exited from in August 2022.
The core business remains the letting of social housing, with
66.1% of the Group's turnover being generated from this activity
(2022: 86.7%). Our social housing lettings business delivered an
operating surplus of GBP79.1m and an associated operating margin of
22.1% (2022: GBP82.3m, 24.5%) for the year. Whilst turnover has
increased by GBP20.8m due to an increase in the number of
properties under management and a rent increase of 4.1% being
applied to general needs tenancies, we have faced significant cost
pressures. These pressures have arisen due to inflation and due to
increased demand for responsive repairs. During the year we
increased our levels of financial and other support to customers
and maintained our arrears at 3.81% (2022: 3.67%) despite
challenging economic circumstances.
Turnover of GBP126.3m (2022: GBP0.4m) and profits of GBP16.0m
(2022: GBP0.1m) were generated from homes developed for outright
sale. This represents a significant year on year increase and
reflects the bulk sale of 204 homes in one block at Leaside Lock
(East London) to a private rental investor. This has reduced
exposure to future sales risk and increased the share of income
generated from outright sales to 23% (2022: 0.1%). We expect the
volume of outright sales to fall in 2023/24.
During the year we took advantage of higher interest rates to
exit some suboptimal loan and interest rate swap agreements. This
resulted in redemption costs totalling GBP5.1m but also a one-off
fair value credit on derecognition of financial instruments of
GBP17.5m, a net credit of GBP12.4m.
We invested GBP73.8m (2022: GBP60.9m) in capital improvements to
our existing homes and GBP247.6m in developing new affordable
housing. Depreciation charges for the year totalled GBP62.5m. Total
investment in existing homes including capital and revenue
expenditure was GBP177.5m.
Group EBITDA-MRI as a percentage of interest payable was 107.8%
(2022: 98.1%). TGPL has delivered EBITDA-MRI interest cover of
118.7% (2022: 110.3%). This demonstrates that the core social
housing business continues to perform strongly and cover the
investment needed to keep our homes in good condition and fund our
plans to build new homes.
All information has been extracted from the 2022/23 year-end
financial statements.
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