HIGHWAY CAPITAL PLC

Interim / Quarterly Report • Dec 7, 2018

National Storage Mechanism | Additional information

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RNS Number : 8042J

Town and Country Housing Group

07 December 2018

Town and Country Housing Group: First Half Year Trading Statement

7 December 2018

Town and Country Housing Group (TCHG) is today issuing its consolidated unaudited trading statement for the group, for the first half of financial year ending 31 March 2019. 

6 months to                       6 months to  

	Sept 18		Sept 17
	£000		£000
Operating Surplus	12,899		14,987
Surplus on disposal of assets	1,546		1,431
Net Interest Payable	(6,570)		(6,474)
Taxation & Non Controlling Interest	(1)		(133)
Surplus	7,874		9,811

Note: No assumption is made about gain on revaluation of investment properties in either year, as revaluation is undertaken at year end. 

The core rental business continued to perform strongly, and operating surplus was 1.1% higher than budgeted. Compared to the prior year, income was lower, reflecting the 1% rent decrease required by statute, whilst repair costs were higher. 

Disposal of assets (including "staircasing", where shared owners buy a further tranche of the property) provided a further £1.5m of surplus. 

Proposed Merger

On 5 November, Peabody Trust and TCHG announced plans for TCHG to become part of the Peabody Group. Work is proceeding on these plans. 

Credit Rating

Following the announcement on 5 November, S&P Global Ratings placed TCHG on watch negative, whilst maintaining the current A+ rating.

Future Information Releases

The next financial reporting will be the statutory financial statements, which we expect to release in late July / early August 2019.

Further Information

For further information contact Robin Tebbutt, Finance Director on 01892 501480

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