TIDM14MD
RNS Number : 4410G
Stonewater Funding PLC
26 July 2021
Stock Market Statement
26 July 2021
Publication of Stonewater's Financial Statements for the year
ended 31st March 2021 and Environmental, Social and Governance
Report
Stonewater announces today it's consolidated full year audited
accounts to 31 March 2021 and unaudited Environmental Social and
Governance ("ESG") report (2020/21).
The reports can all be accessed at the following links:
Financial Reports:
https://www.stonewater.org/about-us/investor-relations/financial-reports/
ESG report:
https://www.stonewater.org/about-us/investor-relations/sustainability/
The performance of the business has continued to remain strong
and evidences the stable financial position of Stonewater.
Highlights include:
-- Maintaining our long-term rating of A+ and top G1/V1 governance and viability rating
-- Achieving an increase in turnover of GBP21.4m - GBP210.4m (2021) vs GBP189m (2020)
-- Operating costs have remained in line with last year, with
our operating margin rising to 33% (2021) from 28% (2020)
-- Implementing a Group restructure, creating the capacity to build even more homes,
-- Maintining a strong liquidity position
In addition today Stonewater was delighted to produce its ESG
report for (2020/21) showcasing our sustainability achievments over
the past 12 months. Some select highlights include:
-- Became early adopter of the Sustainability Reporting Standard for Social Housing
-- Launched Sustainable Finance Framework with a Second Party
Opinion from ISS Corporate Solutions
-- First housing association to move to a hybrid working model,
reducing office carbon footprint by 50%
-- Installed 141 ground source and air source heat pumps, and
2,723 cavity wall insulations - saving 26,621 tonnes of CO2 across
the life of the measures
Commenting on the full-year results, Nicholas Harris, Chief
Executive of Stonewater, said:
"In the most challenging year for colleagues and customers that
I think any of us have seen at Stonewater, our annual accounts show
how we have continued to deliver on our promises. I am very proud
of what we have all achieved.
" Despite facing their own individual challenges during the
pandemic, our colleagues have consistently gone the extra mile for
our customers, and have truly lived and breathed our values.
" Housing associations such as Stonewater have a vital role to
play in supporting the recovery from COVID-19. We are both an
employer to many, and the provider of safety, security, and support
to tens of thousands of people throughout these challenging times.
We recognise that the post-pandemic landscape has shifted
significantly and that the 'new normal' is here to stay. We've
successfully navigated this by changing the way we provide services
and our ways of working to support customers and colleagues in the
best way possible.
" For example, we know that hybrid working offers multiple
benefits, including better work/life balance for colleagues, as
well as reduced environmental impact. As a result, we're leading
the sector with new hybrid working model, including an
interest-free loan option to improve colleagues' home work spaces
which launched in May 2021.
"We will need to continue to be flexible, dynamic and reactive
to ensure that we can operate effectively as a landlord and as a
business."
John Bruton, Deputy Chief Executive and Executive Director -
Finance at Stonewater , said:
"Despite an incredibly challenging backdrop, Stonewater has
taken the appropriate steps to ensure we maintain our strong
financial position, allowing us to retain our top credit and
regulatory ratings and continue to deliver for customers.
"Key steps we have taken in the 12 months to 31 March 2021
include becoming one of the first housing providers to establish a
Sustainable Finance Framework, aligned with United Nations'
Sustainable Development Goals, and completing a company
restructure, freeing up resources to allow us to help an additional
3,500 families."
Commenting on development performance, John Bruton said:
"During 2020/21 we worked closely with our partners to ensure we
delivered as many affordable homes as possible, despite the
construction lockdown and other supply chain challenges. We are
pleased to say we completed 671 homes in 2020/21 and that we are on
track to hit our target of delivering 1,100 affordable homes in
2021/22 - almost double what we achieved last year.
"We said at our half-year results in December that demand for
our shared ownership homes remained strong and that we expected to
sell 180 homes in the full year. In fact we exceeded this, helping
207 households onto the property ladder through shared ownership
homes."
Commenting on customer satisfaction, Nicholas Harris said:
"Our Voice of the Customer programme maximises the use of
customer insight technology, allowing us to understand how we are
performing against our Customer Promise and to continue to improve
our customers' experience. During 2020/21, 84.5% of our customers
told us that they were satisfied with the service they had received
from Stonewater. The key drivers of satisfaction for our customers
were communication, the quality of repairs and the speed of
delivery of our services.
"During 2020/21, our customer service training programme has
been rolled out, ensuring all colleagues put our Customer Promise
at the heart of how they deliver services. Along with the
introduction of a resolution approach to addressing negative
customer feedback, this allows us to focus on doing what matters
most to our customers."
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END
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