Peabody Capital PLC Annual Financial Report (9497G)

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RNS Number : 9497G

Peabody Capital PLC

30 July 2021

Publication of Financial Statements

Peabody Capital No 2 Plc and Peabody Capital Plc announce the publication of the following document:

Building a Sustainable Future: The consolidated financial statements of Peabody Trust for the year ended 31 March 2021.

https://www.peabody.org.uk/about-us/our-performance/publications-and-reports

The Peabody Group generated a surplus for the year of GBP110m which was fully reinvested.

We invested GBP304m in new homes, GBP90m in our existing homes and GBP8m in the Peabody Community Foundation. Our investment in existing homes included GBP33m on building safety capital works (bringing spend to GBP84m over the last 3 years).

Total turnover for the year was GBP630m with available debt funding at 31 March 2021 of GBP4.2bn.

The value of our development pipeline is GBP1.4bn and we are on track to start 7,000 new affordable homes for London by 2023 as part of our strategic partnership with the Mayor of London.

We completed 1176 new homes, a 12% increase on the previous year, with 88% being affordable tenures. 540 new homes for Social and London Affordable rent, and 489 for shared ownership and intermediate rent.

Our average weekly rent of GBP120 per week represents a GBP20m annual subsidy against target rent and is GBP477m lower than market rents in London.

The Group's credit ratings - A (stable) with S&P Global and A3 (stable) with Moody's - were reaffirmed during the year and reflect the strong investment proposition Peabody offers to funders.

Our liquidity position for the Group has remained strong throughout the year, with GBP375m in new facilities raised. We retain strong interest cover, gearing and debt ratios and have restructured some of our debt to provide a better financial platform for us to help those in need.

We achieved 85% customer satisfaction on 190,000 repairs in 2020/21. Our new marketplace delivered 20,000 repairs starting from October 2020, using a digital service to connect residents with 340 local suppliers, smaller businesses, and sole traders. Almost 90% of customers were satisfied with their marketplace experience. We will continue to modernise services to drive improvement for people living in Peabody homes.

In 2020/21 we published a new Sustainability Strategy, setting us on a path to net zero carbon by 2030 in our day-to-day business and net zero carbon for our rented properties by 2050. To deliver this we have formed a dedicated team to collect the data, measure our impact and deliver the plans to achieve our objectives.

https://www.peabody.org.uk/media/15147/sust-strategy-summary.pdf

We also published a 30-year green infrastructure framework for Thamesmead. We manage over 250ha of greenspace, 5 lakes, 7km of canals, 30,000 trees and a wide range of habitats in the town. Our award-winning approach will showcase Thamesmead as one of the most biodiverse and genuinely sustainable new towns in the UK, demonstrating how effective stewardship of the natural environment can deliver wide ranging benefits for people.

We will publish our first report against the newly adopted Sustainability Reporting Standard for Social Housing in the autumn. With sector wide Environmental, Social and Governance metrics that align with our strategy and activities, we are well placed to attract further investment from partners to help us make a great social impact in Peabody neighbourhoods.

Eamonn Hughes, Chief Financial Officer at Peabody said:

"This is a strong financial performance for Peabody which demonstrates the organisation's ability to manage the unprecedented economic and social headwinds over the last 12 months. We continued to prioritise investment in the safety and wellbeing of our existing residents and communities and in providing more genuinely affordable homes to help meet the need for more social housing.

"We are in a good position to continue to deliver investment in our communities that really has an impact going forward. Our place-based approach will ensure Peabody neighbourhoods are well managed, and we'll deliver thousands of top-quality, sustainable, new affordable homes for London and beyond."

About Peabody

Peabody has nearly 160 years of history, experience and expertise.

With over 67,000 homes, Peabody is one of the oldest and largest housing providers in London and the South-East. We deliver services to 155,000 residents, 16,000 care and support customers, as well as the wider communities in which we work.

We focus on those who need our help the most, working with people and communities to build resilience and promote wellbeing. We create and invest in great places where people want to live.

For more information contact Benjamin Blades, Head of External Affairs at Peabody on 07875020950 or Benjamin.Blades@Peabody.org.uk

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