TIDM78AQ TIDM15AI
RNS Number : 4614U
Hyde Group
02 August 2022
Press release
2 August 2022
Hyde Group delivers strong financial performance in 2021/22
The Hyde Group's latest results show its continued financial
strength, enabling it to support customers through the
cost-of-living crisis, ensure their homes are safe, decent and
energy efficient, and build more affordable homes.
Hyde's core operating surplus was GBP81.7m (2020/21: GBP85.3m),
with a core operating margin of 29.5% (2020/21: 31.3%).(1)
Rod Holdsworth, Hyde's Chief Finance and Resources Officer,
said: "We're delighted to deliver a healthy surplus and core
operating margin again this year. Our financial strength has been
confirmed by S&P, which reaffirmed our A+ (stable) credit
rating in July 2022.
"Looking ahead, we anticipate that margins are likely to be
squeezed in 2022/23, as we continue to invest in services and in
improving homes, against this challenging inflationary backdrop.
It's right to invest for the future, so we can meet our long term
goals."
Andy Hulme, Hyde's CEO, added : "As a not-for-profit
organisation, a robust financial performance allows our operating
surplus to be reinvested in improving the quality of our homes and
in continuing to improve outcomes for customers and their
communities.
"It's clear that rising food and energy costs, double digit
inflation and increasing interest rates mean many families are
faced with making impossible choices, as they struggle to afford
the basics of food, fuel and rent every week.
"We're committed to standing by our customers and offering
support during these tough times. For example, over the last twelve
months, the Hyde Charitable Trust awarded GBP1.1m to customers and
communities, along with emergency relief funding, to tackle the
physical, mental and financial impacts of the cost of living
crisis, and the coronavirus pandemic.
"We want our staff and customers to be proud of the homes we
provide and the communities we support. So, alongside the GBP80m
we've spent on building safety since 2017, investment in our
five-year property improvement programme will continue. We also
plan to invest GBP282m more, to further improve the safety, quality
and energy efficiency of our homes.
"And, while new home building continued to be impacted by
COVID-19 and materials and labour shortages last year, we aim to be
building at least 2,000 homes a year by 2027/28."
Mike Kirk, Chair of Hyde Group, commented: "Having a strong,
resilient business means we can deliver the right outcomes for
existing and future customers. Our financial strength and
operational resilience have enabled us to continue to invest in
services that deliver better outcomes and life opportunities for
our current and future customers. Our commitment to being truly
customer-driven is unrelenting, but we still have a long way to
go.
"We're also embedding sustainability into all aspects of our
business - so we can, eventually, improve all forms of capital:
natural, social, human and financial. In the meantime, we'll
continue to drive efficiencies, to improve our services, and invest
in improving the sustainability, quality and energy efficiency of
our homes."
Highlights 2021/22
-- Core operating surplus was GBP81.7m (2020/21: GBP85.3m); core
operating margin was 29.5% (2020/21: 31.3%)(1)
-- Available liquidity was GBP891m (2020/21: GBP908m)
-- GBP16.2m spent on building safety (2020/21: GBP12.7m); GBP80m invested since 2017
-- Overall satisfaction with customer services was 82% (2020/21: 84%)
-- Hyde Charitable Trust awarded GBP1.1m (2020/21: GBP1.5m) to
customers and community organisations
-- GBP1.65m (2020/21: GBP130k) in social value was delivered through Hyde's supply chain
-- 456 homes completed (2020/21: 651); work started on 859 homes (2020/21: 1,926)
-- Staff engagement was 78% (2020/21: 86%); IiP Gold retained for the eleventh year
-- The Regulator of Social Housing confirmed Hyde's G1/V2 rating
and both S&P and Fitch awarded Hyde a credit rating of A+
(stable outlook).
(1) Hyde's core operating business excludes building safety
costs, development and joint venture sales, and disposal
proceeds.
The Hyde Group's financial statements 2021/22 can be downloaded
from
www.hyde-housing.co.uk/corporate/about-us/annual-review-2021-22/
Notes to Editors
For more information contact Max Soudain, Communications -
Corporate Lead, email max.soudain@hyde-housing.co.uk
About the Hyde Group
The Hyde Group was established in 1967 to provide homes for
those left behind by the market. Hyde is an award winning provider
of homes, combining social purpose with entrepreneurial drive and
professionalism.
Hyde is one of the largest housing associations in England,
owning or managing circa 50,000 homes in London, Kent, Surrey,
Sussex, Hampshire, the East of England and East Midlands. This
means that more than 100,000 residents have a home at a price at
which they can afford, with long tenancies that give them the
chance to improve their life chances.
The homes that Hyde builds, as well as the ones that Hyde owns,
include those for shared ownership, for social rent, for outright
sale and for private rent. Hyde Housing Association is a
not-for-profit organisation but a family of companies, which makes
up the Hyde Group, includes charities and profit-making
subsidiaries.
To find out more about the Hyde Group visit
www.hyde-housing.co.uk
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