13KQ Hastoe 5.60%

TIDM13KQ

RNS Number : 8450N

Hastoe Capital Plc

27 September 2023

27 September 2023

Publication of Annual Report and Financial Statements for year ended 31 March 2023

Hastoe Capital plc announces the publication of the Annual Report and Financial Statements for the year ended 31 March 2023 of Hastoe Housing Association Limited (the Group) and Hastoe Capital plc.

The Group generated a surplus for the year of GBP5.6m (2022: GBP3.6m) at an operating margin of 48% (2022: 44%). The increase in the surplus for the year was driven by rent inflation, an increase in the gain on disposal of properties and the receipt of backdated feed-in-tariff payments on the Group's photo voltaic panels. Excluding the gain on the disposal of properties, the operating margin increased to 42% (2022: 38%).

The increase in the turnover from social housing lettings to GBP31.5m (2021: GBP30.1m) was due to inflation linked rent increases, with very little contribution from newly built homes, as a consequence of the low levels of development activity in the last few years. Operating costs on social housing lettings remained fairly stable, rising by 2% in the year. This masks a fall in the level of major repairs expenditure on revenue items, which was offset by the reversal of a fire safety related impairment charge that had benefited the prior year. As a result, the operating margin on social housing lettings rose to 43% (2022: 41%).

The level of EBITDA MRI interest cover was 1.3 times (2022: 1.6 times). The 2022 comparative was affected by the release of a provision for fire safety remedial works. Excluding the impact of the release of the provision, the EBITDA MRI interest cover was 1.3 times in 2022.

At the year end, the Group had committed debt funding of GBP258m. Available liquid resources of GBP41m (cash holdings of GBP4m and undrawn loan facilities of GBP37m) are sufficient to meet the Group's committed expenditure. The Group's drawn debt has limited refinancing risk with only around 20% of the Group's debt maturing within the next ten years. The undrawn loan facility of GBP37m 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 : 0300 123 2250

Email : wroberts@hastoe.com

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