A2Dominion Housing Group Ltd Half Yearly Performance Update
16 November 2017 - 8:00PM
RNS Non-Regulatory
TIDM54XE
A2Dominion Housing Group Ltd
16 November 2017
A2Dominion Housing Group's Half Yearly Performance Update
covering the period to 30 September 2017
A2Dominion Housing Group announces the following update for the
period to 30 September 2017.
The Group has delivered a strong financial and operational
performance for the period. The Group is on track to continue at
this level of performance through to the end of the financial
year.
Financial Performance
Management Accounts
Consolidated Statement of Comprehensive Income
6 Months 6 Months
to to
30-Sep-17 30-Sep-16
GBPm GBPm
------------------- ---------- ----------
Turnover 200.2 213.4
Operating Surplus 96.1 68.4
Operating Margin 48.0% 32.0%
Interest (26.0) (23.1)
Surplus for the
Period 70.1 45.2
-------------------- ---------- ----------
Management Accounts
Consolidated Statement of Financial Position
Sep-17 Sep-16
GBPm GBPm
------------------ ---------- ----------
Fixed Assets 3,101.1 3,060.7
Current Assets 573.0 578.1
Creditors (2,788.9) (2,802.5)
Net Assets 885.2 836.3
------------------- ---------- ----------
Revenue Reserves 882.3 833.8
Other Reserves 2.8 2.5
Net Equity 885.2 836.3
------------------- ---------- ----------
Our first six months' results deliver a strong operating margin
compared to the same period last year. A significant contributor to
this is the surplus being delivered from our share of joint venture
profits. This impacts turnover, as the joint venture sales are
netted off with cost of sales and accounted for net in
turnover.
Operational Performance
Customer: The Group has performed well over the first half of
the year showing continued improvement on our customer contact
focussed KPIs. Our customer service centre achieved its best ever
customer satisfaction result in September with 88.0% with the year
to date figure standing at 83.4%.
Arrears levels across the board have remained steady with the
majority of areas showing a slight year to date improvement.
Development: We are currently forecasting to complete 1,014
units by the year end against a target of 900 units with actual
handovers at 339 at the end of September 2017. Our current
committed pipeline totals 5,277 units being delivered between 2018
and 2023.
Treasury: As at 30 September, the Group's overall borrowings and
arranged facilities were virtually unchanged from the year end
position. Loan facilities at the half-year can be summarised as
follows:
Arranged Drawn
GBPm GBPm
-------------------------- ----------- ---------
A2Dominion Housing Group
Limited (1.4) (1.4)
A2Dominion Homes Limited 897.4 677.9
A2Dominion South Limited 784.0 648.3
A2Dominion Residential
Limited 217.3 217.3
Total Loans 1,897.30 1,542.10
--------------------------- ----------- ---------
In addition to the GBP355.2m of undrawn facilities, the Group
had GBP165m of cash invested with a variety of counterparties, in
line with our Treasury policy.
As at 30 September, the Group's overall fixed rate ratio was 91%
(compared to 93% as at the end of March 2017) and the average
borrowing rate remains unchanged at 4.7%.
There have been no changes to the Group's borrowing structure
during the year to date and no new funding was raised or
refinancing carried out. Over the next 2 years, GBP150m of existing
loans will be lost through scheduled capital repayments and we are
planning to replace these lost facilities in the near future. The
annual update of our EMTN programme documentation was carried out
during October, so that the Group is able make use of this over the
next 12 months.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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