Hastoe Capital Plc Annual Financial Report (4785W)

TIDM13KQ

RNS Number : 4785W

Hastoe Capital Plc

18 August 2020

Publication of Annual Report and Financial Statements for year ended 31 March 2020

Hastoe Capital plc announces the publication of the Annual Report and Financial Statements for the year ended 31 March 2020 of Hastoe Housing Association Limited (the Group) and Hastoe Capital plc.

The Group generated a surplus for the year of GBP1.5m (2019: GBP2.9m) at an operating margin of 37% (2019: 43%). The decline in the surplus is predominately due to the inclusion of a GBP0.9m provision related to a property requiring extensive fire safety remedial works and a reduction in the surplus generated from property sales, being GBP0.5m lower than in the previous year.

Turnover from first tranche and open market property sales was GBP3.3m (2019: GBP1.9m) and generated a margin of 15% (2019: 19%). The Board had recognised the slowdown in the housing market and as a result sold a land holding in the year, to reduce the Group's exposure to open market sales. Excluding the land sale, the margin on first tranche and open market property sales was 23%.

The combined effect of the sale of the land holding, at a breakeven value, and the GBP0.9m provision explains the reduction in the operating margin.

At the year end, the Group had committed debt funding of GBP273m. Available liquid resources of GBP50m (cash holdings of GBP12m and undrawn loan facilities of GBP38m) are sufficient to meet the Group's committed expenditure. The Group's drawn debt has limited refinancing risk with only 20% of the Group's debt maturing within the next ten years. The undrawn loan facility of GBP38m is committed until 2025. At the year end, Hastoe Capital plc held GBP50m of retained bonds.

A copy of both sets of accounts have been submitted to the National Storage Mechanism and are available for inspection.

For further information, please contact:

Will Roberts

Company Secretary

17 Marina Place

Kingston Upon Thames

KT1 4BH

Telephone : 020 8973 0417

Email : wroberts@hastoe.com

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