TIDM13KQ

RNS Number : 6953J

Hastoe Capital Plc

21 August 2019

21 August 2019

Publication of Annual Report and Financial Statements for year ended 31 March 2019

Hastoe Capital plc announces the publication of the Annual Report and Financial Statements for the year ended 31 March 2019 of Hastoe Housing Association Limited (the Group) and Hastoe Capital plc.

The Group generated a surplus for the year of GBP2.9m (2018: GBP6.7m) at an operating margin of 43% (2018: 53%). The decline in the surplus is primarily due to a reduction in the amount generated from property sales, being GBP3m lower than in the previous year. In addition, there was a one-off charge of GBP0.5m in the year for fixed interest breakage costs that resulted from the redemption of a bank loan.

The lower level of surplus on first tranche and open market property sales generated in the year was as a result of a decision to scale back the Group's development programme. At the year end, there was only one recently completed unsold property in stock.

At the year end the Group had committed debt funding of GBP277m. Available liquid resources of GBP62m (cash holdings of GBP24m and undrawn loan facilities of GBP38m) are sufficient to meet the Group's committed expenditure. The Group's drawn debt has limited refinancing risk with only 20% of the Group's debt maturing within the next ten years.

A copy of both sets of accounts have been submitted to the National Storage Mechanism and are available for inspection.

For further information, please contact:

Will Roberts

Company Secretary

17 Marina Place

Kingston Upon Thames

KT1 4BH

Telephone : 020 8973 0417

Email : wroberts@hastoe.com

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END

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