HIGHWAY CAPITAL PLC

Earnings Release • Nov 14, 2019

National Storage Mechanism | Additional information

You don't have Javascript enabled. For full functionality this page requires javascript to be enabled.

RNS Number : 4219T

Town and Country Housing Group

14 November 2019

Town and Country Housing: First Half Year Trading Statement

14 November 2019

Town and Country Housing (TCH) is today issuing its consolidated unaudited trading statement, for the first half of financial year ending 31 March 2020.

	6 months to Sept 19	6 months to Sept 18
	£000	£000
Operating surplus	14,077	12,899
Surplus on disposal of assets	1,252	1,546
Net interest payable	(7,260)	(6,570)
Taxation & non-controlling interest	(144)	(1)
Surplus	7,925	7,874

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

TCH became part of Peabody Group on 9 May 2019 and will continue as an operating subsidiary.

The core rental business continued to perform strongly. The operating surplus before private sales and shared ownership 1st tranche sales was in-line with 2018 despite the final year of the 1% rent reduction.

Private sales and 1st tranche shared ownership sales generated a surplus of £1.6m, which was £1.2m ahead of 2018 due to the completion of the final phase of Lakewood in Tunbridge Wells.

At 30 September 2019 TCH had eleven properties for sale. Six properties were reserved, and one was sold pending legal completion. The remaining four available properties had all been actively marketed for less than three months.  

Disposal of assets provided a further £1.3m of surplus.

Net interest payable was £0.7m higher than 2018 due to increased loan margins from loan modifications as part of the merger with Peabody Group.

Future Information Releases

The next financial reporting will be the statutory financial statements which we expect to release in late July / early August 2020.

Further Information

For further information contact Mike Hyams, Regional Finance Director on 01892 501477

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

TSTEANFLFDNNFEF