13KQ Hastoe 5.60%

TIDM13KQ

RNS Number : 0940H

Hastoe Capital Plc

30 July 2021

30 July 2021

Publication of Annual Report and Financial Statements for year ended 31 March 2021

Hastoe Capital plc announces the publication of the Annual Report and Financial Statements for the year ended 31 March 2021 of Hastoe Housing Association Limited (the Group) and Hastoe Capital plc.

The Group generated a surplus for the year of GBP3.1m (2020: GBP1.5m) at an operating margin of 46% (2020: 37%). The improvement in the surplus is due to rent inflation and lower maintenance costs, the latter being influenced by lockdown restrictions during the year.

The lockdown restrictions also contributed to a slowing of the development programme and consequently a lower level of first tranche sales than anticipated. Turnover from first tranche and open market property sales was GBP0.7m (2020: GBP3.3m) and generated a margin of 22% (2020: 15%).

The balance sheet includes a provision of GBP3.9m for a constructive obligation to undertake fire safety remedial works on a number of low-rise blocks of flats. The properties are still in their latent defects period and Hastoe is in the process of seeking remedy from the contractors. The provision reflects the fact that Hastoe may need to incur a proportion of the costs. The level of EBITDA MRI interest cover of 1.2 times has been suppressed by the GBP3.9m provision. Excluding the impact of the provision for fire safety works, and associated impairment, the EBITDA MRI cover was 1.4 times for the year (2020: 1.3 times).

At the year end, the Group had committed debt funding of GBP268m. Available liquid resources of GBP56m (cash holdings of GBP18m 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 less than 15% of the Group's debt maturing within the next ten years. The undrawn loan facility of GBP38m is committed until 2025. At the year end, Hastoe Capital plc held GBP50m of retained bonds.

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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