60OT Yrk Hse Fin 44

TIDM60OT

RNS Number : 5805O

Yorkshire Housing Finance plc

03 October 2023

Yorkshire Housing annual report and financial statements and investor update

Yorkshire Housing Finance Plc would like to inform investors that the Yorkshire Housing Group financial statements for the year ended 31(st) March 2023 can be accessed on our investor page of our website through the following link:

YH investor webpage

Or through the national storage mechanism:

YH Group Annual Financial Report NSM

Some key points include:

-- Rent and service charge income was broadly in line with our expectations and grew year-on-year by GBP7.6m to GBP98.9m. This increase was driven by the inflationary increase on rents of 4.1% and growth in the number of homes.

-- Shared ownership first tranche sales increased by GBP1.8m to GBP25.1m in the year. This was despite uncertainty in the economy and housing market. Demand for shared ownership properties remained high.

-- Open market sales (OMS) fell GBP13.4m to GBP15.2m this year. The number of homes sold fell from 86 in 2022 to 42 this year, which was below our initial plans. Whilst delays in delivery of homes was the biggest driver we also noted a cooling of demand as customers reassess their financial positions in this uncertain economy.

-- Underlying operating costs increased by GBP9.9m to GBP90.7m (this is after adjusting for the one-off impairment in 2022). Inflation on wages and repairs and investment were the most significant factors. Utility costs, also increased significantly due to movements in the global gas and electricity wholesale markets. This added GBP1m of cost in the latest financial year, which was not recovered through service charges because of their fixed nature.

Andy Oldale - Executive Director of Finance and Governance said " Our Financial Performance for the year ended 31(st) March 2023 was solid, despite some significant headwinds. Our core rental business performed well and shared ownership continues to be a popular choice with customers, despite cooling in the outright sales market.

We were pleased to launch our exciting new strategy in the year and this has our customers at its heart. We also retained our G1 rating from the Regulator and our A3 Moody's rating, albeit the latter with a negative outlook and lower underlying rating.

Finally, I'm really proud that we were able to complete the development of over 500 new homes, with each one going a small way to help more people in our region have a quality place to call home."

Investor update

Aligned with the publication of these financial statements, we have provided an investor update via the following link:

Investor presentation 2023

In the presentation Andy is joined by Nick Atkin - Chief Executive, to discuss our performance, strategy, ESG and outlook.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

ACSMJBFTMTTMBMJ

(END) Dow Jones Newswires

October 03, 2023 12:21 ET (16:21 GMT)

Yrk Hse Fin 44 (LSE:60OT)
Historical Stock Chart
From Dec 2024 to Jan 2025

Yrk Hse Fin 44 (LSE:60OT)
Historical Stock Chart
From Jan 2024 to Jan 2025