QUARTERLY PERFORMANCE
UPDATE
Covering performance for the period
ending 31 December 2024
Great Places Housing
Group
Our performance updates provide regular, timely
information regarding the performance of the Group. They are
published quarterly, within six weeks of the quarter
end.
The information included is based on unaudited
management accounts and other internal performance
measures.
FINANCIAL PERFORMANCE: QUARTER
THREE
Surplus before tax in the nine-month period to
December 2024 was £25.2m, which is ahead of budget, and all
covenants and golden rules around interest cover, gearing and
operating margin have been achieved at period nine. The
forecast remains broadly in line with what we reported last quarter
and still indicates that the operating margin would be 24.4%,
slightly below the internal golden rule of 25% and above the sector
norm (as previously reported).
Drawn debt (excluding bond/loan premium and
loan fees) was £659m, increased from £647m last quarter due to £18m
net drawdowns on revolving credit facility (RCF) loans offset by
£6m scheduled loan repayments.
Cash held (excluding cash held on behalf of
others) was £26m. Undrawn bank (revolving credit) facilities
was £467m. This increased from £410m last quarter due to
extending an existing facility by £75m in December, and £18m net
drawdowns of RCF loans.
Mark to market exposure was £2.7m with nil cash
collateral posted to meet counterparties' security
requirements.
OPERATIONAL PERFORMANCE
As in the previous two quarters, we continue to
report on our performance measures for 2024/25 called Signals for
Success (SFSs), designed around the themes 'Great for our homes,
our customers, our people, and our financial viability'.
At the end of December 2024 seven of our 12
Signals for Success are currently either achieving or on target (or
phased target):
Overall
customer satisfaction 72.6%, in line with the
target of 72%.
Satisfaction
with ease of contact remains above target at
6.5 (target 6.2) on a rolling 12-month basis. Further
improvements to reporting, workforce management, and increased
resources are expected to help sustain this measure, improving
contact and repair wait times.
Arrears has
increased slightly to 3.9% at the end of December, better than the
target 4.1%. Our current focus is on communication with
customers regarding the upcoming April rent increase, using a
variety of media channels to ensure that customers are
well-informed in advance.
Interest cover
golden rule EBITDA MRI was 163%, comfortably above the
golden rule.
Energy
Performance Certificates (EPC): 2,980 homes
below EPC C at the end of December (full-year target 2,500).
Our investment retrofit programme, partially supported by the
social housing decarbonisation fund (SHDF), will deliver 397
properties achieving EPC C by March 2025, with ongoing retrofit
surveys providing the remaining reduction.
Stock
condition surveys: 90% of properties have had a
stock condition survey in the last five years, already meeting the
24/25 full-year target (stretch target of 95%). We are on
track to achieve 100% stock condition surveys within a five-year
period by September 2025, with the programme being delivered by a
combination of internal and external resources.
Colleague
engagement remains above target at 90% (target
84%).
Signals for success that are below target
are:
Development
starts on site: 419 new affordable homes
started across 10 sites in the nine months to December 24, with 211
across three sites during quarter three. We have a strong
secured pipeline of sites which are working their way towards
commencement, seven of which have planning approval in place (612
affordable homes) and in quarter three planning applications were
submitted for five sites to deliver 566 affordable
homes.
EDI
data: 52% of customer EDI data has been
completed so far against an ambitious target of 70%. This
upward trend shows steady positive improvement from 46% through the
nine months to December, with an end-of-year prediction of
60%. We have an inclusive services team that supports the
neighbourhoods and independence & wellbeing teams with planned
data collection programmes.
Sickness
absence: days lost due to sickness was 3.2%
(target 3.1%) for December 2024, the lowest percentage this
year.
Employee
turnover: we continue to reduce the number of
colleagues who leave within their first 12 months of employment,
which is down to 36% from 40% in September (target 35%).
Unreserved new
homes: the total number of homes available for
sale has reduced to 36. Six homes un-reserved after six
months, including two show homes. Overall sales performance
year to date is positive with targets for both the number of sales
and the income against those sales exceeding target. 142 shared
ownership homes were sold in the nine-month period to
December.
CORPORATE NEWS
Refinancing
Refinancing is underway with several lenders,
with £75m term loan agreed in December and more due in quarter
four.
Development work starts on 132 affordable
homes in Rossington, Doncaster
During quarter three Great Places started work
on 132 new affordable homes in Pheasant Hill Park, a new
neighbourhood on a former colliery site. The development will
be a mix of one-bed apartments and two, three and four-bed homes
all available for affordable rent. The new low-carbon homes
will include a range of features including air source heat pumps
and electric vehicle charging points. The development is the
latest phase to be approved of the wider Pheasant Hill site of
1,400 new homes and a mix of commercial and community facilities,
which forms a key part of a wider 'Gateway to the Sheffield City
region' programme with Doncaster Council.
Great Places Named Homebuilder of the
Year
Great Places' Affordable Development Team won
the prestigious Homebuilder of the Year category at the recent
Inside Housing UK Housing Awards. The judges commended the team for
its long-term vision and dedication to community
stewardship.
Lady Kerslake, DWP and Communities that Work
visit Wybourn Works
In December, Lady Anne Kerslake, DWP
representatives, and 'Communities that Work' visited our Wybourn
anchor neighbourhood to find out more about the 'Wybourn Works'
initiative, part of the national 'Jobs Plus' pilot funded by DWP.
The scheme looks to upskill residents, help them to raise
their aspirations and ultimately get them into training, voluntary
work or employment. Since its launch the project has gained
significant community support, with many residents volunteering,
and received feedback from Communities that Work praising the
successful holistic approach.
Other news
For other news see our
website News &
Blog - Great Places
FEEDBACK
We welcome feedback on our performance update.
Please contact Mike Gerrard, Chief Financial Officer, at
communications@greatplaces.org.uk
The information included within this report is for information
purposes only. The financial results quoted are unaudited. The
report may contain forward looking statements and actual outcomes
may differ materially. No statement in the report is intended to be
a profit estimate or forecast. We do not undertake to revise such
statements if our expectations change in response to events. This
report does not constitute legal, tax, accounting or investment
advice.