A2Dominion Housing Group Ltd A2Dominion Housing Group's Half Yearly Performance (6132U)
24 Novembro 2023 - 6:30AM
UK Regulatory
TIDM54XE
RNS Number : 6132U
A2Dominion Housing Group Ltd
24 November 2023
A2Dominion Housing Group's Half Yearly Performance Update
covering the period to 30 September 2023
A2Dominion Housing Group announces the following update for the
period to 30 September 2023.
Financial Performance
The Group's performance for the first six months to 30 September
2023, shows a GBP9.4m increase in surplus when compared to the
performance over the same period for last year.
6 Months 6 Months
to to
30-Sep-23 30-Sep-22
GBPm GBPm
Turnover 204.6 192.5
Cost of Sales (42.0) (39.5)
Operating Costs (120.6) (116.8)
Share of Joint Venture Surplus 1.1 0.4
Surplus on Sale of Fixed Assets 4.7 7.9
Operating Surplus 47.8 44.5
Operating Margin 23.4% 23.1%
Interest (27.7) (33.8)
Surplus for the Period 20.1 10.7
Turnover has increased year on year by GBP12.1m. This is due to
a GBP14.9m increase in rental and service charge income to
GBP142.5m (2022 - GBP127.6m ). Rents increased by GBP7.6m, a 6.2%
year on year increase with a further GBP7.4m increase from service
charge income, which is primarily the recovery of service charge
costs incurred. The service charge income was impacted by high
inflation on the underlying service charge costs incurred over the
previous 18 months, with GBP2.5m relating to the prior year.
At 23.4%, the operating margin is marginally higher than the
prior year. Operating costs have increased across the board due to
the impact of inflation. An increase in responsive repair costs of
GBP4.2m is also in part due to a rise in the volume of work being
delivered. Service charge and housing management costs have
increased by GBP6.4m, particularly in utilities and decanting
costs. These increases have been offset by the phasing of the
planned maintenance programme, which is weighted more to the second
half, which resulted in a lower spend for the first six months in
planned maintenance of GBP6.5m when compared to 2022. Included in
interest is a one-off gain of GBP5.3m due to an early repayment of
a loan.
Higher spend is budgeted for the second half of the year so the
year-to-date surplus is expected to fall in line with full year
budget.
Unaudited Consolidated Statement of Financial
Position
30-Sep-23 30-Sep-22
GBPm GBPm
Other Fixed Assets and Investments 3,655.5 3,607.4
Current Assets 226.3 322.0
Total Creditors including loans and borrowings (2,821.6) (2,892.6)
Total Reserves 1,060.2 1,036.8
Through continued investment in maintaining existing stock and
the development of new homes the Group's fixed asset base continues
to increase year on year. The drop in current assets is due to a
decrease in the level of stock as well as a lower level of debtors
compared to last year. Debtors have reduced due to a reduction in
sales debtors, prepayments and accrued income and loans to joint
ventures. Total creditors have reduced reflecting a combination of
decreases in borrowings, deferred grant, and pension liability.
Total reserves show an increase compared to the previous year
through positive movement in cashflow hedge reserve at yearend and
the improved surplus for the six months to September 2023 compared
to 2022.
Operational Performance
Customer : As a housing association the Group puts customers'
needs first. Their new corporate strategy prioritises a high-level
of operational performance to provide customers with homes and
neighbourhoods that are safe, affordable, and well maintained.
Performance for customers is assessed through a variety of key
measures. For the first six months of the year, customer effort
measure improved on the 4.0 target with a score of 3.8, and their
'would you recommend the Group' for our new homes measure is at
93.0%, versus a target of 92%. However, customer satisfaction is at
78.0% at the half year, which is short of the 82.0% target, and
improvements have already been actioned to bring this closer to the
end of year target. Median repair days stand at 14 days, which is
ahead of a target of 15 days.
The Group's social impact value is standing at GBP7.7m, with a
full year target of GBP12.0m. Arrears levels are running at 4.1%,
which is slightly better than the target of 4.3% and continues to
be in the upper quartile of A2Dominion's peer group. As the
cost-of-living crisis continues the Group continues to focus on
supporting and signposting customers to the help available to them,
to enable them to continue to manage their financial obligations,
particularly given the cost pressures on households today.
Development: The Group's development team have successfully
handed over 245 units during the first six months of the year of
which 50.6% (124 units) are for our affordable tenures, and 757
units are forecasted to be handed over by 31 March 2024. The
current development pipeline from 2023/24 onwards totals 2,612
units.
Treasury:
As at 30 September, the Group's loan facilities and borrowings
are summarised as follows:
Arranged Drawn
GBPm GBPm
Revolving Credit Facilities 505.9 190.5
Term Loans 503.6 503.6
Capital Market Issues (including 'Club' bonds) 898.5 898.5
1,908.0 1,592.6
In addition to the GBP316m of undrawn facilities, the Group had
GBP16m of cash.
As at 30 September 2023, the Group's overall fixed rate ratio
was 84.5% (September 2022: 94.8%) and the average borrowing rate is
4.74% (September 2022: 4.46%).
There are over 16,000 unallocated or unencumbered properties
across the Group with a security value of around GBP1.9bn.
Further Information
An Investor Update presentation is available on our website:
https://www.a2dominiongroup.co.uk/content/doclib/152.pdf
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