TIDM15HG
RNS Number : 9617C
Great Places Housing Group Limited
13 February 2020
QUARTERLY PERFORMANCE UPDATE
This update covers performance for the period ending 31 December
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 THREE FINANCIAL RESULTS
For quarter three the management accounts of the Group show year
to date surplus of GBP12.7m, GBP2.5m 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 GBP2.2m. Net
interest costs, repair costs and bad debt expense were all better
than budget. Turnover year to date was GBP83.6m and operating
surplus GBP28.9m.
Drawn debt (excluding bond premium and including finance leases)
as at 31 December 2019 was GBP528.2m (March 2019: GBP535.7m).
Mark to Market exposure on the Group's free standing derivatives
was GBP48.4m, up from GBP44.9m at 31 March 2019, due mainly to
reductions in 15-25 year swap rates. There was GBP25.0m 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 GBP35.1m. Undrawn facilities
immediately available are GBP117.3m of which GBP112.4m is fully
secured, with GBP79.3m 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 three, we are on target or better with
five of our ten CSFs. Two of the remainder are annual targets,
which we aim to achieve by March 2020: Group Surplus and
Development Completions. For each of these, we are where we would
expect to be at this point in the year.
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%.
Sickness days per colleague has improved significantly over the
past twelve consecutive months, reducing to 8.8 days, against a
target of 8.0 days.
Overall customer satisfaction has increased since quarter two,
being 7.41/10, against a very ambitious target of 7.85/10, however
it should be noted that performance remains above the housing
association average of 7.35/10 using the Institute of Customer
Service (ICS) benchmarking. We achieved a high score 8.01/10 in
December 2019, showing the continued improvements in this area.
Our % digital contacts CSF is better than the previous year, up
from 53.2% to 60.4%. Our target is 65.0% 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. We
exceeded our annual target for Trusted Stock Condition Data by the
end of quarter three.
CORPORATE NEWS
These stories illustrate some of our recent activities,
particularly in terms of Environmental, Social and Governance.
PV Solar Panels installed at Head Office
Great Places was one of the first organisations in the North
West to implement a large scale solar panel programme in our homes
and our environmental team works with customers to make sure they
understand how to gain the greatest benefit from this generated
electricity.
We are pleased to announce that this quarter we have installed
PV solar panels at our Head Office. In just the first few weeks, in
mid winter Manchester, the panels generated enough electricity to
power an electric car from Manchester to Montreal!
Great Places on track to becoming a Platinum Carbon Literate
organisation
Great Places has made continued progress in its commitment to
ensuring the carbon literacy of our colleagues. We have ensured
that 80% of colleagues have completed the in-house Carbon Literacy
Training and are on course to become a Carbon Literacy Project
Platinum organisation by the end of the financial year.
Our Carbon Literacy training is comprehensive, it focuses on
climate change and the impact it is having on work and home life.
Great Places are now a leading provider of this training to
external businesses too, providing bespoke training to a range of
organisations like Cheshire West and Chester Council, Salford City
Council and Transport for Greater Manchester. We have helped
Electricity North West become the first Carbon Literate energy
network operator in the world.
We also offer a Community Carbon Literacy course which can be
held almost anywhere. This meets the needs of local residents and
volunteers, assisting with skills support and ensuring participants
are more engaged in environmental issues.
Development of specialist accommodation for independent
living
Manchester City Council took handover in December 2019 of a new
development from Great Places Housing Group, offering specialist
accommodation for people with learning disabilities.
Great Places has delivered the 20-apartment scheme on Northfield
Road in New Moston, which strikes a balance between the ability to
provide bespoke care support for each resident, whilst promoting
independent living.
Each apartment has its own bedroom and living room in addition
to adaptable kitchen and wet room facilities, which provides
flexible living arrangements for its residents. The building's
infrastructure facilitates the use of 'plug and play' technology,
which allows a wide range of assistive technologies to be
wirelessly installed and connected in order to support
residents.
Great Places partners with Burnley FC to support local
community
Great Places is teaming up with Burnley FC in the Community to
help get more people into training and employment.
As Patrons of Burnley FC in the Community's Employability
programmes, Great Places will invest funds into the programmes as
well as staff time, expertise and a dedicated referral process to
help get more people into training and employment. For the full
story please click here.
Launch of our GBP750m Innovation Chain North framework
In November 2019 Great Places launched the new Innovation Chain
North (previously Innovation Chain North West) construction
framework. The framework is open to anyone who wishes to supply
goods or services to Registered Social Housing Providers or Local
Authorities. Once accepted onto the framework, suppliers can be
called on by Innovation Chain North clients for a period of four
years (2020-24). More information can be found on our website,
click here.
Great Places partners with Legal and General to manage their
affordable homes
Great Places has been selected as one of 14 established housing
associations and providers to partner with Legal & General
Affordable Homes. The partners will form a panel, which will lead
its housing operations across the UK. Creating a nationwide network
of management partners, the panel will bring local expertise and
the established infrastructure to support Legal & General in
delivering its pipeline of 3,500 affordable homes. For the full
story click HERE.
Great Places maintains G1/V1 status with Housing Regulator
In December 2019 the Regulator of Social Housing confirmed that
Great Places has been awarded the top G1/V1 status for the fifth
consecutive year.
Partnership with Equity Housing Group
Our partnership with Equity Housing Group continues to progress
positively and we remain on target for Great Places Housing
Association to accept a transfer of engagements of Equity Housing
Group on 1st April 2020. Shareholder, funder and regulatory
consents and the required Board approvals are all on track.
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
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END
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