Great Places Housing Group Limited ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 (4309Z)

TIDM15HG

RNS Number : 4309Z

Great Places Housing Group Limited

18 September 2020

GREAT PLACES HOUSING GROUP LIMITED

GBP345,000,000 4.75 per cent Secured Bonds due 2042 (ISIN Number XS0842152281)

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR YEAR ENDING 31(ST) MARCH 2020

At the AGM of Great Places Housing Group Limited ("Great Places") on 17(th) September 2020, the shareholders agreed and adopted the Annual Report and Financial Statements for the year ending 31(st) March 2020.

Great Places has reported a record surplus after tax of GBP16.9M for the 2019/20 Financial year, a 23% increase on the 2018/19 results.

As a profit for purpose organisation, we ensure that all our surpluses are invested in line with our values and to meet our vison of "Great Homes, Great People, Great Communities".

We completed 316 much needed new homes in the year and now own or manage 19,376 homes across the North West and South Yorkshire. At 31(st) March 2020 we had 768 new homes on site, making a significant contribution to tackling the housing crisis.

Turnover for 2019/20 was GBP120.9M, up by almost 11% from the GBP109.1M recorded in 2018/19. Operating surplus of GBP38.5M was 5.8% higher than last year and the operating margin was maintained at a healthy 28.9% (as defined by the RSH VFM metric).

Turnover from social housing lettings was GBP87.9M (2018/9: GBP87.3M), achieving a small increase despite the impact of the final year of four 1% rent reductions. Turnover from shared ownership first tranche sales and open market sales was GBP24.3M (2018/19: GBP15.0M), in what continue to be strong market conditions.

Total Fixed Assets were GBP1.11bn (2018/19: GBP1.08bn) and total debt was GBP540.5M (2018/19: GBP544.8M).

The Financial Statements for Great Places are available on our website at:

https://www.greatplaces.org.uk/about-us/corporate-and-investor-information/financial-accounts

The Annual Report is also available on our website at:

https://www.greatplaces.org.uk/about-us/corporate-and-investor-information/annual-report-2020/

The results for 2019/20 were not affected by the Covid-19 lockdown, which commenced only a week prior to the year end, but we remain vigilant to the potential impacts on the business, our customers and colleagues during 2020/21.

On 1(st) April 2020 Equity Housing Group ("Equity") joined Great Places through a transfer of engagements. We were delighted that we were able to successfully complete this despite the challenges posed by the Covid lockdown. For the financial year ended 31(st) March 2020 Equity recorded a surplus of GBP5.1M and turnover of GBP25.6M. At that date Equity had total fixed assets of GBP208.6M, reserves of GBP73.5M and owned/managed over 4,800 homes. The results for Equity are not included in the Great Places results shown above.

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