Livewest Capital PLC Trading Statement (4143Z)
17 May 2019 - 7:53PM
UK Regulatory
TIDM87FW
RNS Number : 4143Z
Livewest Capital PLC
17 May 2019
LiveWest Trading Update for the year ended 31 March 2019
LiveWest issues its unaudited group trading update for the year
ending 31 March 2019. All comparatives are to LiveWest's audited
group Financial Statements for the year ended 31 March 2018.
Financial and Operating Performance
Operating surplus for the year to March 2019 is GBP81m, against
GBP69m for the year to March 2018. Surplus on Disposal of
Properties includes sale of homes outside our core operating area.
Housing Properties (net of depreciation) have increased to
GBP1,954m from GBP1,856m. Net debt has increased to GBP789m from
GBP713m.
Statement of Comprehensive Income
Year to Year to
Mar 2019 Mar 2018
GBPm GBPm
Turnover 233 231
Operating Costs (167) (169)
Change in the value of investment
properties 1 -
Surplus on Disposal of Properties 14 7
Operating Surplus 81 69
---------
Net Interest Payable (24) (27)
Movement in Fair Value of Financial
Instruments (1) 2
Surplus for the year 56 44
---------
Financial Indicators
Mar 2019 Mar 2018
Operating Margin on Social Housing
Lettings 32% 35%
Operating Margin on Shared Ownership
Sales 22% 20%
Operating Margin on Open Market
Sales 15% 19%
-------------------------------------- --------- ---------
Operating Margin on Social Housing Lettings has fallen during
the year due to an increase in planned maintenance expenditure,
along with absorption of a third year of imposed rent cuts.
Operating Margin on Open Market Sales has fallen during the year
due to one poor performing scheme which has now been completed.
Customer satisfaction rose from 88.7% to 90.5% in the period.
Void losses for our general needs and sheltered stock were 0.50%
(March 2018: 0.51%). Rent arrears were 1.83% (March 2018:
1.90%).
Liquidity
LiveWest has liquidity of GBP300m, consisting of available
undrawn facilities of GBP296m, and available cash of GBP4m.
Development
We completed 900 affordable units in the year (812 for the year
to March 2018). We have a contracted pipeline of 1,835 homes (March
2018: 1,518).
Sales of open market and shared ownership homes totalled 399
units for the year (422 for the year to March 2018). We had 125
shared ownership stock units (March 2018: 111) and 2 open market
stock units (March 2018: 28).
Board and Executive Team Changes
There were no changes to the Board and Executive Team in the
period.
LiveWest Credit Rating
LiveWest and LiveWest Capital plc are rated A2 (stable) by
Moody's.
END
For more information, please contact:
Andrew Hart, Director of Corporate Finance 01392 814444
https://www.livewest.co.uk/about-us/investor-relations/
Disclaimer
The information contained herein (the "Trading Update") has been
prepared by LiveWest Homes Limited (the "Parent") and its
subsidiaries (the "Group"), including LiveWest Capital plc (the
"Issuer") and is for information purposes only.
The Trading Update should not be construed as an offer or
solicitation to buy or sell any securities issued by the Parent,
the Issuer or any other member of the Group, or any interest in any
such securities, and nothing herein should be construed as a
recommendation or advice to invest in any such securities.
Statements in the Trading Update, including those regarding
possible or assumed future or other performance of the Group as a
whole or any member of it, industry growth or other trend
projections may constitute forward-looking statements and as such
involve risks and uncertainties that may cause actual results,
performance or developments to differ materially from those
expressed or implied by such forward-looking statements.
Accordingly, no assurance is given that such forward-looking
statements will prove to have been correct. They speak only as at
the date of the Trading Update and neither the Parent nor any other
member of the Group undertakes any obligation to update or revise
any forward-looking statements, whether as a result of new
information, future developments, occurrence of unanticipated
events or otherwise. The information contained in the Trading
Update is unaudited.
None of the Parent, any member of the Group or anyone else is
under any obligation to update or keep current the information
contained in the Trading Update. The information in the Trading
Update is subject to verification, does not purport to be
comprehensive, is provided as at the date of the Trading Update and
is subject to change without notice.
No reliance should be placed on the information or any
projections, targets, estimates or forecasts and nothing in the
Trading Update is or should be relied on as a promise or
representation as to the future. No statement in the Trading Update
is intended to be a profit estimate or forecast. No representation
or warranty, express or implied, is given by or on behalf of the
Parent, any other member of the Group or any of their respective
directors, officers, employees, advisers, agents or any other
persons as to the accuracy or validity of the information or
opinions contained in the Trading Update (and whether any
information has been omitted from the Trading Update). The Trading
Update does not constitute legal, tax, accounting or investment
advice.
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.
END
TSTDMGMKLNLGLZG
(END) Dow Jones Newswires
May 17, 2019 05:53 ET (09:53 GMT)
Livewest 48 (LSE:87FW)
Historical Stock Chart
From Dec 2024 to Jan 2025
Livewest 48 (LSE:87FW)
Historical Stock Chart
From Jan 2024 to Jan 2025
