Beyond Housing Ltd Half-year Report (3163I)
April 13 2022 - 11:01AM
UK Regulatory
TIDM63SQ
RNS Number : 3163I
Beyond Housing Ltd
13 April 2022
Beyond Housing 6months financial report 2021.22 (Draft and
Unaudited)
We have set out below in summary our financial results for the
six months till the end of September 2021. The results highlight
good performance against budget and treasury metrics.
Income & Expenditure
Turnover is marginally behind budget due to development sales
profiling. Rental income is on budget and arrears within budget.
Operating costs are higher due to the volumes of repair work and
higher inflatory material costs as we come out of Covid. Interest
payable is below budget as higher costs were estimated before the
bond refinanced existing loans and break costs were below
budget.
Actual Sept 2021 Budget Variance to budget
GBPm GBPm GBPm
----------------- -------- -------------------
Turnover 38.636 38.274 0.362
----------------- -------- -------------------
Operating Costs 29.101 28.831 0.270
----------------- -------- -------------------
Operating Surplus 9.535 9.443 0.92
----------------- -------- -------------------
Net Interest Payable 15.087 10.603 4.484
----------------- -------- -------------------
Disposal of Fixed Assets (0.242) 0.786 1.028
----------------- -------- -------------------
Net Deficit (5.794) (0.374) 5.420
----------------- -------- -------------------
Balance Sheet
Actual Sept 2021 Actual March 2021 Movement
GBPm GBPm GBPm
----------------- ------------------ ----------
Fixed Assets 380.813 371.688 9.125
----------------- ------------------ ----------
Current Assets 57.340 35.583 21.757
----------------- ------------------ ----------
Current Liabilities 9.856 42.512 32.656
----------------- ------------------ ----------
Net Current Assets 47.484 (6.929) 54.413
----------------- ------------------ ----------
Long term Labilities 324.628 260.687 63.941
----------------- ------------------ ----------
Capital & Reserves 103.669 104.072 0.403
----------------- ------------------ ----------
Treasury
Our treasury metrics relate to all lenders. Our golden rules are
set higher than lender covenant requirements giving additional
headroom. The net debt per unit is specific to one lender only. Our
current ratio is higher than target due to the bond refinancing
releasing cGBP30m of cash after repaying a portfolio of loans and
break costs.
Golden rule Performance (as at Sept 2021)
EBITDA-MRI interest 121% 299%
cover
(all lenders)
-------------------------- -----------------------------------
Asset cover ratio 126.5% 160%
(all lenders)
-------------------------- -----------------------------------
Net borrowing:
Housing assets
at cost <63% 41%
-------------------------- -----------------------------------
Net debt per <GBP22,500 GBP12,896
unit
-------------------------- -----------------------------------
Cash and cash To cover at least 21 more than 36 months
equivalents months or requirements
-------------------------- -----------------------------------
Current ratio >1.0 6.0
(cash high due to bond proceeds)
-------------------------- -----------------------------------
Open market sales <20% of turnover p.a. 0%
-------------------------- -----------------------------------
Lending
Our lending remains well balanced with GBP104m of unused
Revolving Credit Facilities (RCF), the bond represents 70% of
fixed/drawn loans, undrawn bond proceeds available are GBP85m and
an average loan life is c19years.
Lender - Sept RCF Fixed/drawn Sub total Undrawn Total
2021
GBP GBP GBP GBP GBP
Lloyds 20,000,000 12,300,000 32,300,000 20,000,000 32,300,000
RBS 30,000,000 28,300,000 58,300,000 30,000,000 58,300,000
Nationwide 54,000,000 29,300,000 83,300,000 54,000,000 83,300,000
Bond (issued
May 2021) 0 165,000,000 165,000,000 85,000,000 250,000,000
Total 104,000,000 234,900,000 338,900,000 189,000,000 423,900,000
Development
Development is slower than target for starts and completions due
to site and contractor delays. Overall the market remains robust
for completions and sales with higher cost headwinds.
Planned model programme contractual starts 433 and completions
250
Less than 10 unsold sale homes on the books at this stage
Affordable five-year programme estimated average NPV of
cGBP5m
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