TIDM15HG
RNS Number : 5274S
Great Places Housing Group Limited
06 November 2019
QUARTERLY PERFORMANCE UPDATE
This update covers performance for the period ending 30
September 2019.
Our Performance Updates are aimed at ensuring our investors and
other stakeholders receive regular, timely information regarding
the performance of the Group. We will publish these reports on a
quarterly basis and will produce them within six weeks of the
relevant quarter end.
The information included is based on unaudited management
accounts and other internal performance measures.
FINANCIAL PERFORMANCE
QUARTER TWO FINANCIAL RESULTS
For quarter two the management accounts of the Group show year
to date surplus of GBP8.7m, GBP1.9m better than budget. Property
sales, including first tranche shared ownership properties and open
market sales, and the sale of fixed assets such as staircasing
shared ownership properties, exceeded budget by GBP1.2m. Net
interest costs, repair costs and bad debt expense were all better
than budget. Turnover year to date was GBP52.4m and operating
surplus GBP24.9m.
Drawn debt (excluding bond premium and including finance leases)
as at 30 September 2019 was GBP535.5m (March 2019: GBP535.7m).
Mark to Market exposure on the Group's free standing derivatives
was GBP52.7m, up from GBP44.9m at 31 March 2019, due mainly to
reductions in 15-25 year swap rates. There was GBP30.2m cash
collateral posted to meet counterparties' security requirements, up
from GBP19.3m at 31 March 2019.
Liquidity is strong with closing cash balances (excluding cash
held on behalf of leaseholders) of GBP42.9m. Undrawn facilities
immediately available are GBP117.3m of which GBP112.6m is fully
secured, with GBP79m being revolving credit facilities. This does
not include our GBP70m retained bond, which we can sell at any
time. Our internal financial "Golden Rules" around interest cover,
gearing, operating surplus and operating cash flows funding our
investment works were all met at the end of the quarter.
OPERATIONAL PERFORMANCE
Our performance management centres around our Critical Success
Factors ("CSFs") which are designed to focus us on the delivery of
our Corporate Plan, and particularly our vision of "Great Homes,
Great Communities, Great People". We have ten CSFs for 2019/20, as
well as three-year targets and ten-year ambitions within our
Corporate Plan. The CSFs give immediate oversight on progress
against our vision and key objectives.
As the end of quarter two, we are on target or better with five
of our ten CSFs. Three of the remainder are annual targets, which
we aim to achieve by March 2020: Group Surplus, Development
Completions and Stock Condition Data. For each of these, we are
where we would expect to be at the mid-point in the year.
Sickness days per colleague has improved significantly over the
past twelve consecutive months, reducing to 8.6 days, which is our
lowest level since April 2017. We exceeded our stretch target on
colleague engagement, which is one of our new CSFs, with our
quarter two engagement result being 84%, above our stretch target
of 80%. Overall customer satisfaction has remained at a steady
level during the last six months at 7.3/10, against a very
ambitious target of 7.85/10, however it should be noted that
performance remains above the housing association average of
7.04/10 using the Institute of Customer Service (ICS) benchmarking.
Our % digital contacts CSF also remains steady around the 50% mark,
but we have raised our target for 2019/20 and we will continue to
focus our efforts on achieving this. We remain better than target
for arrears, re-let times and helping households into work,
training and volunteering.
CORPORATE NEWS
Annual Report 2019
In our 10th anniversary year, we are celebrating another
outstanding year for Great Places. We have come a long way since
2009 and key to our success has been our commitment to delivering
our vision: maximising our investment in sustainable homes,
building successful vibrant communities and providing outstanding
customer service and support. It's our mantra: Great homes. Great
communities. Great people. The Annual Report 2019 is now available
to read on our website, Corporate and investor information.
Legal Partnership with Equity Housing
Great Places Housing Group Limited has been selected by the
board of management of Equity Housing Group Limited as its
preferred partner to form a long term legal partnership. For more
details please see the Great Places website, Corporate and Investor
Information.
Strategic Partnership with Homes England update
Great Places Housing Group successfully secured extra funding
through its strategic partnership with Homes England. Total funding
of GBP20.5m will build an additional 534 homes in the North West
over the next four years: GBP6.3m of that was awarded to Great
Places to deliver 149 properties, with the remainder to be
delivered by partners.. The funding is in addition to the GBP30m
grant Great Places obtained as part of its Wave 1 Strategic
Partnership contract with Homes England in July 2018. It means
Great Places and its partners will be able to build 1,284
additional affordable homes including social rent, affordable rent,
rent to buy and shared ownership over the next four years. More
detail is on our website page Latest News.
Awards and recognition
Plumlife, the sales and marketing team in Great Places, were
announced as Home Ownership Team of the Year at the National
Housing Awards in September. The team demonstrated their hard work
and commitment to delivering excellent customer service, achieving
ambitious sales targets and showing innovation in delivering
affordable home ownership. As well as selling homes for Great
Places Housing Group, the team also sell on behalf of Local
Authorities and other housing associations, sharing their expertise
and experience with others to enable the successful delivery of
shared ownership sales.
The Great Places customer contact centre, 'the Hub', was crowned
Small Contact Centre of the Year at the Call North West Awards in
October 2019. The team in the Hub were shortlisted for their
outstanding work and results following the launch of the new
service delivery model in October 2018. The Hub was born out of our
Building Greatness programme, our values-led journey of change, and
works to ensure that we are always providing excellent customer
service and are efficient and effective in delivering our
vision.
Great Places Development Team and Cube Homes are celebrating
being shortlisted as finalists for the prestigious Inside Housing
Development Awards.
Great Places Customer Service Week 2019
In October we took part in the Institute of Customer Service
(ICS) National Customer Service Week. It's important that we know,
respect and care about our customers, it's one of our values and by
doing that we can provide them with the best possible customer
experience. One of the ways that we can ensure we're doing this, as
well as continually improving our service, is to share the wealth
of skills and knowledge within the Great Places workforce across
the business. Activities included "Back to the floor" where senior
leaders went out with frontline colleagues, and job shadowing
opportunities. We also held an event for our customers to celebrate
our successes from the past 10 year and consider our vision and
values for the next 10 years.
Universal credit impact report
Our customer scrutiny group 'Insight' have produced a positive
report on the impact of Universal Credit on Great Places customers
and the support provided through the transition period. Great
Places will deliver on the recommendations made.
FEEDBACK
We welcome feedback on our performance update. Please contact
Kal Kay, Director of Finance, on 0161 447 5029 or at
kal.kay@greatplaces.org.uk
The information included within this report is for information
purposes only. The Financial results quoted are unaudited. The
report may contain forward looking statements and actual outcomes
may differ materially. No statement in the report is intended to be
a profit estimate or forecast. We do not undertake to revise such
statements if our expectations change in response to events. This
report does not constitute legal, tax, accounting or investment
advice.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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END
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