A2Dominion Housing Group Ltd A2Dominion Housing Group's Half Yearly Performance
29 October 2021 - 8:00PM
RNS Non-Regulatory
TIDM54XE
A2Dominion Housing Group Ltd
29 October 2021
A2Dominion Housing Group's Half Yearly Performance Update
covering the period to 30 September 2021
A2Dominion Housing Group announces the following update for the
period to 30 September 2021.
Financial Performance
The Group has produced a good result for the first six months of
2021/22 showing an improved performance compared to this time last
year with a surplus in line with expectation.
Unaudited Consolidated Statement of Comprehensive
Income
6 Months to 6 Months to
30-Sep-21 30-Sep-20
GBPm GBPm
Turnover 177.2 145.2
Cost of Sales (37.4) (15.4)
Operating Costs (99.4) (96.7)
Share of Joint Venture
Surplus 1.7 6.1
Surplus on Sale of Fixed
Assets 8.0 3.1
Operating Surplus 50.1 42.3
Operating Margin 28.3% 29.1%
Interest (31.2) (30.5)
Surplus for the Period 18.9 11.8
Turnover has increased year on year which is largely a result of
a higher housing for sale income totalling GBP44.5m compared to
GBP16.1m over the same period in 2020 which was impacted by the
effects of the pandemic. The Group's core rental income stream has
increased by 2.0% year on year. The operating margin remains strong
at 28.3% despite a slight decrease compared with the prior
year.
Unaudited Consolidated Statement of Financial Position
30-Sep-21 30-Sep-20
GBPm GBPm
Other Fixed Assets and Investments 3,601.7 3,574.0
Current Assets 422.4 421.6
Total Creditors including loans
and borrowings (3,049.3) (3,016.3)
Total Reserves 974.8 979.3
The Group's fixed asset base has once again increased as we have
continued to invest in our existing housing stock and develop new.
Current assets have remained relatively steady year on year with
creditors increasing marginally due to an increase in current
liabilities. Total reserves show a decrease compared to the
previous year primarily due to pension valuation movements in the
year ended 31 March 2021 totalling GBP24.3m partially offset by a
GBP15.8m movement in the fair value of hedged financial
instruments.
Operational Performance
Customer : The Group has produced a good operational performance
over the period maintaining a combined high level of customer
satisfaction for repairs, and the customer service centre of 81.6%
slightly below our 82.0% target with our customer effort score at
4.0 better than our target of being below 4.5. Average days for
repairs at 15 days is on target and below that achieved last year.
Social value delivered stands at GBP6.0m, well on the way to
achieving the full year target of GBP8.0m. In line with last year,
arrears levels have remained steady for the year to date across all
tenures. This continues to reflect the focus on supporting and
signposting customers to the help available to them to enable them
to continue to manage their financial obligations.
Development: The Group's delivery from its development pipeline
continues to be slower than anticipated following the pandemic
closedown. This is largely due to the industry being slow to get
back to full capacity in terms providing materials and a lack of
labour on site. Despite this delay we have successfully handed over
580 homes to the end of September 2021 and are forecasting to
deliver more homes in this financial year than the previous year.
The current development pipeline totals 5,453 units.
Treasury: As at 30 September, the Group's loan facilities and
borrowings are summarised as follows:
Arranged Drawn
GBPm GBPm
Revolving Credit Facilities 465.0 45.0
Term Loans 630.4 630.4
Capital Market Issues (including
'Club' bonds) 1,009.2 1,009.2
________ _______
2,104.6 1,684.6
________ _______
In addition to the GBP420.0m of undrawn facilities, the Group
had GBP28.8m of cash.
The Group also has a deferred private placement of GBP75.0m from
March 2022 which is not included within the GBP2,104.6m stated
above.
Over the next two years, committed loan facilities will reduce
by GBP166.0m (net) through scheduled loan facility amortisation and
as a consequence of GBP150.0m retail bond maturity in October 2022.
This has been partly refinanced through the deferred private
placement issue of GBP75.0m in March 2022. The annual update of the
Group's Euro Medium Term Note Programme documentation was completed
in September, enabling the Group to maintain the option to issue
further unsecured notes over the next 12 months.
As at 30 September 2021, the Group's overall fixed rate ratio
was 90.3% (September 2020: 90.23%) and the average borrowing rate
is 4.18% (September 2020: 4.17%).
Further Information
An Investor Update presentation is available on our website
link: https://www.a2dominiongroup.co.uk/content/doclib/94.pdf
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