TIDM17YE
RNS Number : 5470G
Platform HG Financing PLC
26 November 2020
26 November 2020
Platform Housing Group Limited
Results for the six months ended 30 September 2020
Highlights
-- The onset of the Covid-19 pandemic dominated much of the half
year with our key priority throughout being the safety and
wellbeing of our residents and employees
-- Whilst it affected many parts of our operations, normal
levels of activity are largely restored and our people's dedication
and the resilience of our business resulted in continued robust
financial performance
-- Turnover increased 5.2% to GBP134.3m (2019: GBP127.7m)
-- Operating surplus increased 6.8% to GBP54.8m (2019: GBP51.3m)
-- Strong shared ownership sales performance since lockdown restrictions eased
-- Completed reshaping of board to align capabilities with future group strategy
-- Successful GBP350m (GBP50m retained) bond issue, extending
liquidity horizon to 2023 and enhancing confidence in delivering
for our communities amidst current uncertainties
At or for six months ended 30 2019 2020 Change
September
----------------------------------- ---------- ---------- ---------
Turnover GBP127.7m GBP134.3m +5.2%
Operating surplus(1)(2) GBP51.3m GBP54.8m +6.8%
New homes completed 601 393 -34.6%
Investment in new and existing
homes GBP110.9m GBP102.1m -7.9%
Share of turnover from social
housing lettings 85.1% 84.0% -1.1ppt
Social housing lettings margin(2) 44.1% 47.1% +3.0ppt
Current tenant arrears(3) 2.90%(4) 3.31% +0.41ppt
Gearing(2) 43.5%(4) 42.8% -0.7ppt
EBITDA-MRI interest cover(2)(5) 224% 198% -26ppt
------------------------------------ ---------- ---------- ---------
Notes
(1) Surplus excluding gains on disposal of property, plant and equipment
(2) Regulator for Social Housing Value for Money metric; for more information go to https://www.gov.uk/government/publications/value-for-money-metrics-technical-note/value-for-money-metrics-technical-note-guidance-june-2020
(3) Current tenant arrears includes all general needs tenants
(so excludes shared ownership properties) and tenant payment
methods
(4) Current tenant arrears is as at 30 September 2019 and gearing is as at 31 March 2020
(5) Figures are in respect of the 12 months ended 30 September
2019 and 2020; excluding one-off loan prepayment costs, EBITDA-MRI
interest cover would have been 251% in respect of the 12 months
ended 30 September 2020
Elizabeth Froude, Platform's CEO commented:
"Through this difficult period, we have remained true to our
strategic direction, whilst protecting our residents, staff and
financial strength. It is pleasing to report strong results and our
current direction of travel means we should deliver full year
operating surplus consistent with last year.
During lockdown we continued letting and selling homes as well
as supporting our more needy residents via our hardship fund. Our
proactive engagement with residents has ensured we retain sight of
where we are most needed and allowed us to maintain good income
collection.
By doing this, we have also been able to continue investing in
both wider digital services for customers and maintenance and
improved energy efficiency of our homes. We've also delivered more
much needed homes across the Midlands. Looking ahead, we are making
good progress on acquiring development sites to build more quality
homes to help address the huge demand for housing.
We have continued to strengthen our board, executive and senior
leadership, putting us in a strong position to provide a platform
for more customers to prosper in an uncertain world."
Conference call for the credit community to be hosted by
Elizabeth Froude, CEO and Rosemary Farrar, CFO
26 November 2020, 11.00am (UK time)
Join audio of presentation by phone To view the presentation
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Disclaimer
These materials have been prepared by Platform Housing solely
for use in publishing and presenting its results in respect of the
six months ended 30 September 2020. For the purposes of this
disclaimer, "materials" shall mean the results press release and
related investor presentation slides dated 26 November 2020, the
oral presentation of the slides by Platform Housing and related
question-and-answer session and any materials distributed at, or in
connection with, that presentation.
These materials do not constitute or form part of and should not
be construed as, an offer to sell or issue, or the solicitation of
an offer to buy or acquire securities of Platform Housing in any
jurisdiction or an inducement to enter into investment activity. No
part of these materials, nor the fact of their distribution, should
form the basis of, or be relied on or in connection with, any
contract or commitment or investment decision whatsoever. Neither
should the materials be construed as legal, tax, financial,
investment or accounting advice.
These materials contain statements with respect to the financial
condition, results of operations, business and future prospects of
Platform Housing that are forward-looking statements. By their
nature, forward-looking statements involve risk and uncertainty
because they relate to events and depend on circumstances that will
occur in the future. There are a number of factors that could cause
actual results and developments to differ materially from those
expressed or implied by these forward-looking statements, including
many factors outside Platform Housing's control. Among other risks
and uncertainties, the material or principal factors which could
cause actual results to differ materially are: the general
economic, business, political and social conditions in the key
markets in which Platform Housing operates; the ability of Platform
Housing to manage regulatory and legal matters; the reliability of
Platform Housing's technological infrastructure or that of third
parties on which it relies; interruptions in Platform Housing's
supply chain and disruptions to its development activities;
Platform Housing's reputation; and the recruitment and retention of
key management.
These materials contain certain information which has been
prepared in reliance on publicly available information (the "Public
Information"). Numerous assumptions may have been used in preparing
the Public Information, which may or may not be reflected herein.
Actual events may differ from those assumed and changes to any
assumptions may have a material impact on the position or results
shown by the Public Information. As such, no assurance can be given
as to the Public Information's accuracy, appropriateness or
completeness in any particular context, or as to whether the Public
Information and/or the assumptions upon which it is based reflect
present market conditions or future market performance. Platform
Housing does not make any representation or warranty as to the
accuracy or completeness of the Public Information.
The information and opinions contained in these materials do not
purport to be comprehensive, speak only as of the date of this
announcement and are subject to change without notice. Except as
required by any applicable law or regulation, Platform Housing
expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any information contained
herein to reflect any change in its expectations with regard
thereto or any change in events, conditions or circumstances on
which any such information is based.
None of Platform Housing, its advisers nor any other person
shall have any liability whatsoever, to the fullest extent
permitted by law, for any loss arising from any use of the
materials or its contents or otherwise arising in connection with
the materials.
Any reference to "Platform" or "Platform Housing" means Platform
Housing Group Limited and its subsidiaries from time to time and
their respective directors, representatives or employees and/or any
persons connected with them.
Operating review
Introduction
The world has changed beyond recognition in recent months due to
the Covid-19 pandemic which is likely to be with us for the
foreseeable future. It has had significant operational impacts on
us and required colleagues to change the way we do business and
interact with customers. Even more than ever, the safety and
wellbeing of our colleagues, residents, suppliers and other
partners is critical to Platform. The dedication of colleagues who
have remained hugely committed and worked tirelessly, whilst
staying safe, to maintain our operations and serve our customers
and communities at this very difficult time has been inspiring.
Our success in responding to the demands placed on us with
agility, empathy and speed and the strength, resilience and
reliability of our business model ensured strong results for the
first half of the year. Both operating and overall surpluses and
related margins were ahead of last year. This was due to the
effects of the Covid-19 pandemic and the related lockdown,
particularly the reduction in non-essential maintenance and repairs
activities that temporarily lowered costs in these areas. We remain
strongly focused on managing controllable costs but, as the reduced
maintenance and repairs costs will unwind in the balance of the
year, we anticipate our full year results will be consistent with
last year.
We have continued to reorganise our business following the
Fortis/Waterloo merger and subsequent changes to the board and
executive team. In the first half, we agreed the structure of our
senior management reporting to the executive team who will be key
to delivering our post-merger strategy. At the same time we have
continued to strengthen our governance structures and procedures
and the visibility of data in conjunction with improvements in
IT.
We are acutely conscious at this time of staying connected and
aware of our colleagues' wellbeing. Their engagement and
productivity remains good and we are working hard to retain as much
normality as possible whilst we build our future capability.
Service review
Supporting our customers, welfare benefits and arrears
Covid-19 has had significant impacts on the physical, mental and
economic welfare of our residents and we have redoubled our support
for them in this challenging period. One sign of the economic
stress is the growth in the known number of residents receiving
Universal Credit ('UC'), from 8,734 at 31 March 2020 to 10,934
customers at 30 September 2020, although this partly reflects the
ongoing migration from legacy welfare benefits to UC. This growth
may accelerate as Covid-19 related job support schemes reduce in
scope.
Our support for customers in need has included an increased
focus on tenant support and rent collection by managing customer
accounts proactively and offering advice and guidance to customers
in financial difficulties. These initiatives have been enhanced by
the expansion of our hardship fund which disbursed over GBP160,000
in the first half of the year including approximately GBP130,000 to
customers and GBP30,000 to foodbanks within our communities. Its
capacity to support customers has been expanded for the balance of
the current financial year. This has helped reduce the risk that
customers take on expensive debt.
These measures have helped to keep arrears in check. Overall
current tenant arrears were 3.31% at 30 September 2020 (30
September 2019: 2.90%).
Overall current tenant arrears are compared against the same
time in the prior year as there is an element of seasonality that
would affect comparability with the 2.87% arrears figure as at 31
March 2020. Over the last year, arrears have increased reflecting a
number of factors including the moratorium on enforcing legal
proceedings on customers in arrears, introduced as part of the UK's
Covid-19 response. This ended in September 2020 and we can now seek
possession of homes consistent with our normal practice once we
have investigated all other possible actions. The dynamics of
arrears amongst UC recipients has had different directional impacts
on overall arrears. Reducing arrears has been a recent change by
the DWP aligning direct payments to when rent is due where
previously there was a lag. However, the increased proportion of
our residents in receipt of UC has placed upward pressure on
overall arrears as UC recipient arrears are structurally higher
than average partly due to the known delay in new recipients
starting to receive their benefits even where migrating from other
benefits.
Given the elevated arrears position and challenging
macroeconomic environment, we have increased our bad debt
provisions by approximately 16% year on year.
Voids management
It was also challenging to let properties during lockdown, with
restrictions preventing customers accessing potential new homes and
our maintenance teams having to prepare properties for re-letting
on a slower but safer basis. In addition, we have seen higher than
usual tenancy cessations as people opt to move either back to or
nearer family. However, new digital ways of working have enabled
contactless customer engagement to facilitate lettings. At 30
September 2020, we had 620 vacant homes (31 March 2020: 550),
including just over 200 units in shared ownership stock. Whilst
challenges remain, we are working hard to return the voids position
to a more normal level.
PlatformONE
In the first half of the year, we delivered the initial phase of
our post-merger integration PlatformONE ERP project and our new
corporate telephone solution into our customer hub. This will offer
our residents an enhanced service, increased first call resolution
and provide us with new insights into customer behaviours.
We will also shortly launch our new customer portal, initially
allowing customers to log repair requests, set up direct debits,
make payments and update account details at a time that suits them.
Further functionality is due to be added such as contactless sign
ups, arrears arrangements and scheduling of housing officer
visits.
The next phase of the programme is currently in development and
will deliver functionality focused on streamlining back office
housing functions such as anti-social behaviour and tenancy
management. It will also deliver new capabilities for our shared
ownership sales team, enhancing lead management and marketing
capabilities, helping turn more leads into sales.
The benefits of the programme will be felt by both customers and
the organisation as automation releases staff capacity in our
customer hub and operations teams. We expect to see efficiencies
with less resource required to perform functions and more agile
customer interactions, leading to increased customer
satisfaction.
Asset management
Throughout lockdown we worked hard to maintain compliance and
other essential maintenance activity, whilst protecting our
residents and colleagues. We also quickly restarted planned works
wherever possible, such as heating installations during the
critical summer work period. Repairs satisfaction of 90% has
remained high during this period of change but slightly below our
target of 92%. Gas and fire risk assessment compliance was 99.2%
and 99.3% at 30 September 2020 (31 March 2020: 99.6% and
99.0%).
The expansion of Platform Property Care ('PPC'), our internal
maintenance business, continues as planned and we are on track with
our objective of migrating at least 85% of our external maintenance
contracts to PPC by 31 March 2021. PPC now covers our entire
portfolio, providing responsive repairs, voids works and the
majority of gas compliance.
Environmental, social and governance ('ESG')
Many ESG themes are deeply embedded in our sector and indeed are
the foundation of our role providing affordable homes to those
ill-served by the commercial market. At Platform, we continue to
make a strong social contribution, for example, having built more
homes for social rent in England than any other social housing
provider in the last 2 years.
Our governance has also been strengthened and improved in
transparency in recent years. During the first half, we completed
the reshaping of the board to align its capabilities with our
future strategy. More details are provided below under 'Board and
senior management changes'. We also finalised the structure and
responsibilities of board committees that play a critical role in
supporting the work of the board.
We're evolving a focused agenda to deliver environmental
improvements in our housing stock and to apply demanding standards
for new housing stock. We are committed to developing this agenda
although this will take time and there may be operational and
financial trade-offs.
An important step in this journey has seen us commit to be an
early adopter of The Good Economy's Sustainability Reporting
Standard for the UK social housing sector. This will enhance the
structure and consistency of ESG reporting within Platform and
across our sector.
A number of other initiatives are underway to enhance our
environmental performance which will benefit residents through
reduced energy bills and fuel poverty. Whilst the business has one
of the more energy efficient housing portfolios amongst peers (with
an estimated 74% of stock having an energy performance certificate
('EPC') rating of C or better at 30 September 2020), we have
recently committed to achieving 100% EPC C ratings well in advance
of the government's target of 2030. This programme is expected to
have an aggregate cost of GBP50-75 million.
As part of enhancing our properties' energy performance, we are
improving the efficiency of energy systems in our homes. We are
currently installing a combined hydrogen and gas heating system
that, together with solar panels and battery storage, should reduce
energy consumption and costs to 272 homes by an estimated 30%. In
addition, retro-fitting of over 150 air source heat pumps will be
completed this year. Grounds maintenance equipment is being
actively replaced with electric powered equivalents and we are also
trialling electric vehicle use by maintenance operatives as we aim
to decarbonise our fleet.
Development review
Strategy
Platform's core purpose is to enhance life prospects for as many
people as possible across the Midlands by delivering high quality
affordable homes and related services. We aim to expand to address
the ever growing demand for our services including by increasing
our development programme such as in partnership with Homes England
and to reflect customer and government requirements wherever
possible.
Our development plans are focused on gradually increasing our
annual home completions up to 2,000 in the coming years. To enable
this we are taking a number of steps including capitalising on
existing knowledge and relationships to deepen our influence in
existing geographic areas in which we operate, expanding into
adjacent geographies and gaining better delivery control via
land-led development. We are also alive to government desire to
ensure home ownership options are available for more residents
which will influence future access to grant funding. To support our
strategy, we have recently recruited a new executive director for
growth and development who has already put in place critical
enablers such as enhancing our land acquisition capabilities and
refining our strategy to optimise shared ownership sales as we
increase our build programme and move to an environment where
partial home ownership may be a somewhat more significant part of
our offering than today.
Home building programme
During the first half, our home building programme saw good
progress. New home starts and land acquisition progressed well,
supporting our ambition to deliver a growing and more land-led
building programme, and we expect to achieve our full year target
for 1,100-1,200 home completions which reflects adjustments for the
effects of the UK's initial Covid-19 lockdown.
We completed 393 new homes in the half year that were all for
affordable tenures - 32% for social rent, 31% for affordable rent
and 37% for shared ownership. Whilst this was down from 601 in the
prior year, the shortfall was significantly influenced by the
Covid-19 lockdown in the first quarter and the 284 completions in
the second quarter were similar to the 299 delivered in the
comparable period of the prior year. As at 30 September 2020,
Platform owned a total of 45,838 homes (31 March 2020: 45,510
homes).
Looking at our new homes pipeline, there were 297 housing starts
in the half year with the balance of the year expected to see over
1,100 further housing starts. Within this overall programme,
development starts under our strategic partnership with Homes
England (under which we will receive GBP72 million in grant funding
over the period to March 2023 to deliver 1,800 affordable homes)
were 272 units in the first half with a further 600-700 new starts
expected in the balance of the year. We expect the new starts
programme under the Homes England framework will be of similar
scale next financial year to this year. Our overall new homes
pipeline has been supported by acquiring 3 major new sites on which
around 500 homes will be built.
Development expenditure on new homes was GBP100m in the period,
only modestly below the GBP105m incurred in the prior year. This
included a significantly greater proportion of land purchase costs
as we look to expand our development programme in the coming years.
Period end development expenditure contractual commitments of
GBP171m are slightly lower than the prior year-end position of
GBP183m.
Governmental and regulatory developments
In recent months, the government has put forward a number of
fundamental policy proposals with the dual purpose of retaining
strength in our economy and the construction of new homes. They
impact all areas of construction from planning to tenure mix and
residents' ability to buy in to home ownership. These proposals
have been consulted on and are intended to be implemented from 1
April 2021.
They do however all impact on the ability of the social housing
sector to deliver affordable homes for both rental and ownership,
markets to which we contribute significantly. We are actively
engaged with policymakers to ensure they understand the potential
effects of proposed changes so that all stakeholders understand our
ability to deliver more homes and tolerate the ambiguity that
change would bring. We remain committed to our position as a
current strategic partner for Homes England. But our most
fundamental tenet is to protect the resilience of our business for
the long-term future.
Board and senior management changes
During the first half, Platform completed a process to both
replace retiring board members and identify where additional skills
and knowledge were required in order to successfully deliver our
new strategy.
Having been appointed Chair designate in January 2020, in July
2020 John Weguelin, former Chief Executive Officer of Zenith Bank,
became Chair of Platform. He replaced Dennis Sleath who retired at
the same time.
In May 2020, Sebastian Bull, former Chief Financial Officer of
Associated British Ports, and Paula Smith, current Finance Director
of Strategy and Transformation at Openreach, were appointed as
Non-Executive Directors. A further Non-Executive was appointed in
July 2020, Heena Prajapat, former Global Vice President and Chief
Information Officer of Harsco Environmental.
Another three new Non-Executive Directors were appointed in
August and September 2020, Tony King, former Group Treasurer of
Sanctuary Group, John Anderson, former Regional Chair of Berkeley
Group, and Luciano Zonato, current Interim Programme Director -
Customer & Viewer Service Transformation at ITV.
These appointments bring significant experience relevant to
delivering our new strategy such as in digital, housing
development, customer service, finance, infrastructure and
treasury.
In addition to Dennis Sleath's retirement noted above, Philip
Dearing and Jeff Sharnock also retired in July 2020. We wish them
all well in their future endeavours.
The above changes mean that the boards of Platform Housing Group
Limited and Platform Housing Limited now consist of 11
non-executive directors and 1 executive director.
In relation to our Executive Team, we welcomed Gerraint Oakley
as Executive Director - Growth and Development. He has over 30
years' experience in property, estate and asset management,
development and urban regeneration, most recently as a regional
managing director of Keepmoat Homes. And having joined initially on
an interim basis, Rosemary Farrar became Platform's permanent Chief
Finance Officer.
Financial review
Turnover
In the 6 months to 30 September 2020, total turnover grew 5.2%
to GBP134.3m (2019: GBP127.7m).
6 months ended 30 September 2019 2020
GBPm GBPm Change
--------------------------------- ------ ------ -------
Social housing lettings 108.7 112.8 +3.8%
Shared ownership first tranche
sales 12.5 14.3 +14.4%
Other social housing activities 1.6 1.5 -6.3%
---------------------------------- ------ ------ -------
Total social housing turnover 122.8 128.6 +4.7%
Non-social housing activities 4.9 5.7 +16.3%
---------------------------------- ------ ------ -------
Total turnover 127.7 134.3 +5.2%
================================== ====== ====== =======
Social housing lettings turnover increased 3.8% to GBP112.8m
(2019: GBP108.7m), partly reflecting the first rent increase we
have been able to make for 4 years implemented in phases from 1
April 2020. The maximum increase permitted was CPI (from September
2019) plus 1%. The effects of the rent increase on turnover were
supported by a year on year increase in social housing units,
particularly shared ownership properties, together with an increase
in other grants turnover due to furlough receipts. Growth in social
housing lettings turnover was held back by higher void costs driven
by the impacts of the Covid-19 pandemic.
Shared ownership first tranche sales performed well,
significantly improving once the initial Covid-19 lockdown
restrictions were lifted, with turnover increasing 14.4% to
GBP14.3m (2019: GBP12.5m). This reflected an 8.5% increase in sales
to 178 units (2019: 164 units) (with 132 in Q2 2020/21) as well as
a higher average share of properties sold than in the prior year.
With new shared ownership completions of 146 units and transfers
into shared ownership from other property categories of a further 2
units, unsold shared ownership stock declined from 241 units at 31
March 2020 to 211 units at 30 September 2020.
Total social housing turnover of GBP128.6m (2019: GBP122.8m)
accounted for 95.8% (2019: 96.2%) of Platform's total turnover in
the period.
Turnover from non-social housing activities increased 16.3% to
GBP5.7m (2019: GBP4.9m) driven mainly by developments for sale of
GBP2.3m (2019: GBP0.3m), due to the pre-agreed sale of 15 new
properties to City of Lincoln council.
Operating costs and costs of sale
Total costs increased 4.1% to GBP79.5m (2019: GBP76.4m) with
operating costs decreasing 0.8% to GBP65.5m (2019: GBP66.0m) and
costs of sale increasing 34.6% to GBP14.0m (2019: GBP10.4m).
6 months ended 30 September 2019 2020
GBPm GBPm Change
------------------------------------ ----- ----- --------
Social housing lettings operating
costs 60.8 59.7 -1.8%
Other social housing costs
- shared ownership costs of sale 10.1 11.7 +15.8%
- other social housing operating
costs 1.5 2.6 +73.3%
------------------------------------- ----- ----- --------
Total social housing costs 72.4 74.0 +2.2%
Developments for sale costs of
sale 0.3 2.3 +666.7%
Other non-social housing operating
costs 3.7 3.2 -13.5%
------------------------------------- ----- ----- --------
Total costs 76.4 79.5 +4.1%
===================================== ===== ===== ========
Social housing lettings operating costs make up most of our
costs and they fell 1.8% to GBP59.7m (2019: GBP60.8m) driven by the
initial Covid-19 lockdown restrictions limiting our repairs and
maintenance activities to urgent and compliance related tasks.
Management costs were also lower year on year. Partially offsetting
this was increased service charges, depreciation and bad debts as
well as higher development services costs due to less
capitalisation given lower home completions. The second half of the
year is expected to see the lower year to date maintenance costs
unwind. As a result of the dynamics described above, our unit
social housing costs, calculated using the definition in the
Regulator of Social Housing's ('RSH') Value for Money ('VfM')
standard, improved 4.9% to GBP2,338 (year to 31 March 2020:
GBP2,458).
Shared ownership cost of sales increased slightly ahead of
related turnover due to additional build costs on a more complex
new build scheme. The increase in cost of sales, related to
developments for sale, reflects a pre-agreed arrangement to sell 15
properties at cost to City of Lincoln council whereas in the prior
year there were no similar sales.
Interest costs
Total net interest payable in the six months ended 30 September
2020 increased 33.2% to GBP27.3m (2019: GBP20.5m). This was
principally due to one-off loan prepayment costs of GBP6.4m and,
excluding this, net interest payable increased 2.0% to GBP20.9m
(2019: GBP20.5m) due to higher average debt balances.
Surpluses and margins
It is key to generate strong sustainable surpluses as 100% is
reinvested and, combined with funding from financial markets and
government grants, enables us to invest in our existing homes and
services and build more urgently needed affordable homes.
Operating surpluses and margins improved versus the prior year
due to the increased turnover and lower costs in our core social
housing lettings activities outlined above. The overall surplus
after tax, taking into account, versus operating surplus measures,
principally interest costs, declined 10.0% to GBP30.6m (2019:
GBP34.0m) driven by one-off loan prepayment costs of GBP6.4m (2019:
GBPnil). The different measures of surplus and related margins for
the current and prior year are set out below.
6 months ended 30 September 2019 2020
Amount Margin Amount Margin
GBPm % GBPm %
--------------------------------- ------- ------- ------- -------
Social housing lettings surplus 47.9 44.1 53.1 47.1
Overall operating surplus(1) 51.3 40.2 54.8 40.8
Surplus after tax 34.0 26.6 30.6 22.8
Adjusted surplus after tax(2) 34.0 26.6 37.0 27.6
--------------------------------- ------- ------- ------- -------
Notes
(1) Excluding gains on disposal of property, plant and equipment
(2) Excluding one-off loan prepayment costs of GBP6.4m in the six months ended 30 September 2020
The table below sets out the key drivers of the variance in
Platform's surplus after tax between the first six months of the
current and prior years.
Income Expenditure Surplus
GBPm GBPm GBPm
----------------------------------------- ------- ------------ --------
6 months ended 30 September 2019 127.7 (93.7) 34.0
Social housing lettings turnover 4.1 - 4.1
Other turnover (excluding sales) (1.2) - (1.2)
Property sales(1) 3.7 (3.5) 0.2
Repairs and maintenance costs - 2.7 2.7
Other costs of sale and operating costs - (2.3) (2.3)
Gains on disposal of property, plant
and equipment - (0.1) (0.1)
Underlying net interest costs - (0.4) (0.4)
One-off loan prepayment costs - (6.4) (6.4)
----------------------------------------- ------- ------------ --------
6 months ended 30 September 2020 134.3 (103.7) 30.6
========================================= ======= ============ ========
Notes
(1) Shared ownership first tranche sales and developments for sale
Treasury review
Recent financing activity
In July 2020, Platform successfully implemented the next stage
of its debt capital markets strategy, completing a very successful
inaugural own name bond issue - a GBP350m (with GBP50m retained,
meaning GBP300m was raised upfront) 35 year issue. The 1.625%
coupon and 1.706% yield achieved represent all time record lows for
both the social housing sector and all single A rated issuance by
corporates in the long-dated sterling bond market.
Also during the period, Platform prepaid a GBP20m legacy loan on
terms that provided a net present value benefit and immediately
enhanced its cash flow based coverage ratios.
Actions related to the Covid-19 pandemic
To mitigate potential heightened liquidity risks arising from
the Covid-19 pandemic, Platform took various actions, in particular
accessing GBP100m under the Bank of England's Covid Corporate
Financing Facility. We also temporarily increased our minimum cash
holdings from GBP10m to GBP65m. These actions were then
supplemented by the bond issue referred to above.
Debt and liquidity
At 30 September 2020, Platform's net debt was GBP1,088.5m (31
March 2020: GBP1,076.2m). Net debt comprised nominal values of
GBP576.7m in bond issues, GBP80.0m in private placements and
GBP662.5m in term loan and revolving credit facilities, partially
offset by GBP221.2m in cash and cash equivalents and GBP9.5m in
unamortised financing fees and other accounting adjustments.
The average cost and average life of Platform's gross drawn
nominal debt at 30 September 2020 was 3.39% and 22 years
respectively (31 March 2020: 3.80% and 19 years) with the enhanced
metrics driven by the recent bond and, for cost of debt, the loan
prepayment referred to above.
As at 30 September 2020, Platform had sufficient liquidity
(approximately GBP800m including undrawn committed facilities and
cash and cash equivalents) to meet all its forecast needs until the
first quarter of 2023, taking into account projected operating cash
flows, forecast investment in new and existing properties, debt
service costs and maturities and forecast grant receipts.
Financial ratios
Platform monitors its performance against various financial
ratios, including VfM metrics reported to the RSH, and ratios it
needs to comply with under its financing arrangements.
Gearing, measured as the ratio of net debt to the net book value
of housing properties, was 42.8% at 30 September 2020 (31 March
2020: 43.5%), comfortably within Platform's target of maintaining
gearing below 50%. Gearing was also comfortably within the tightest
financial covenant in its banking arrangements that is determined
using the gross book value of housing properties.
EBITDA-MRI interest cover for the 12 month rolling period to 30
September 2020 was 198% (year ended 31 March 2020: 203%; 12 months
to 30 September 2019: 224%), adversely affected by one-off loan
prepayment costs of GBP6.8m and GBP6.4m incurred in November 2019
and July 2020 respectively. Excluding these amounts, EBITDA-MRI
interest cover was 251% (year ended 31 March 2020: 232%; 12 months
to 30 September 2019: 224%). Even including the loan breakage
costs, this ratio remains well above Platform's target minimum
(150%) and tightest financial covenant in its banking arrangements
that is determined on a different basis.
It is expected that at the next year end these ratios will
reflect a catch up in development and maintenance expenditures
following Covid-19 led reductions in the first half of the
year.
At 30 September 2020, Platform had over 6,000 unencumbered
properties with an estimated value of approximately GBP360m
providing the business with substantial financial flexibility to
raise additional financing given its existing substantial cash and
undrawn facilities resources and our current liquidity horizon.
Review of value for money performance for year ended 31 March
2020
To assist in assessing Platform's performance, we plan to
include in our half year results releases an assessment of our
performance against the RSH's VfM metrics for the prior financial
year in the context of a group of other major social housing
providers. This analysis is helpful as these metrics are defined by
the RSH and reported on across the sector providing a greater
degree of comparability. This information is currently not
available when we publish our full year results and the RSH's own
assessment of these metrics for the last financial year across the
whole sector is not yet available.
We have included data published by Platform and 13 other major
social housing providers in this assessment and our performance
versus this group on the metrics is set out in the table below. The
providers included in the analysis are set out in the footnotes to
the table.
Platform
RSH VfM metric(1)(2) Lowest Average(3) Highest Platform(4) ranking
-------------------------------- --------- ------------- ---------- -------------- ---------
Reinvestment 3.5% 7.0% 10.2% 9.2% 3
New supply (social housing
units) 0.3% 1.8% 3.2% 3.2% 1
New supply (non-social housing
units) 0.0% 0.3% 1.4% 0.0% 1(5)
Gearing 28.1% 43.9% 53.3% 43.5% 7
EBITDA-MRI interest cover 107% 166% 268% 203% 4
Headline social housing CPU(6) GBP2,458 GBP4,260 GBP6,394 GBP2,458 1
Operating margin (SHL)(6) 12.6% 31.0% 42.1% 42.1% 1
Operating margin (total) 15.4% 25.9% 37.6% 37.6% 1
Return on capital employed 2.5% 3.4% 5.1% 4.3% 3
-------------------------------- --------- ------------- ---------- -------------- ---------
Notes
(1) Sample of social housing providers includes Platform
Housing, Bromford, Clarion, Guinness Partnership, Karbon Homes,
Metropolitan Thames Valley, Midland Heart, Notting Hill Genesis,
Optivo, Orbit, Peabody, Riverside, Sanctuary and Sovereign Housing.
We may evolve the precise make-up of the sample in future
(2) Definitions of these metrics are set out at https://www.gov.uk/government/publications/value-for-money-metrics-technical-note/value-for-money-metrics-technical-note-guidance-june-2020
(3) Unweighted or simple average of performance across the
selected group of social housing providers
(4) Platform metrics as at or for 12 months ended 30 September
2020 are reinvestment: 8.6%; new supply: 2.6% and 0.0%; gearing:
42.8%; EBITDA-MRI interest cover: 198%; social housing CPU:
GBP2,338; operating margins: 43.7% and 38.0%; and return on capital
employed 4.1%
(5) A low focus on building non-social housing is viewed as
giving a strong ranking due to property market risks related with
such activities
(6) CPU: cost per unit; SHL: social housing lettings
Platform continues to perform strongly across these metrics.
Our strong reinvestment reflects our commitment to sustained
significant but prudent investment supported by our strong margins
and cash flows, competitive cost of debt and grant funding from
Homes England. This is core to our key purpose of alleviating the
Midlands housing shortage and providing enhanced life prospects for
as many local people as possible.
Our substantial investments in housing properties flow through
to our new supply metrics where the significant focus given to
social housing developments over non-social is evident.
On the two credit metrics monitored by the RSH, we sit broadly
at the average point on gearing whilst ranking strongly in terms of
EBITDA-MRI interest cover, even more so once account is taken of
the GBP6.8m one-off loan prepayment costs we incurred in the year
to 31 March 2020.
Our performance on headline social housing cost per unit,
operating margins and return on capital employed are interlinked.
It was recently reported that Platform had the lowest cost per unit
in the sector for the year ended 31 March 2019. We expect to
maintain a leading position on this metric in the year ended 31
March 2020 and rank best amongst the group assessed here. This
metric is the key driver of our superior margins.
Outlook
Platform has delivered a robust financial performance in a
challenging environment. As outlined above, we expect some of the
factors that assisted our performance in the first half to unwind
as the year progresses so that, for the full year, operating
surplus is likely to be broadly consistent with our last financial
year. In the longer term, our resilient financial and operational
model leave us well placed to continue delivering our long-term
objectives centred on alleviating the Midlands housing shortage and
providing enhanced life prospects for more local people.
Financial Statements
Legal Status
Platform Housing Group Limited ('Platform Housing Group') is
incorporated in England under the Co-operative and Community
Benefit Societies Act 2014 and is registered with the Regulator of
Social Housing as a Private Registered Provider of Social
Housing.
Platform Housing Group comprises the following entities:
Name Incorporation Registration
Platform Housing Group Co-operative and Community Registered
Limited Benefit Societies
Act 2014
--------------------------- ---------------
Platform Housing Limited Co-operative and Community Registered
Benefit Societies
Act 2014
--------------------------- ---------------
Platform Property Companies Act 2006 Non-registered
Care Limited
--------------------------- ---------------
ESHA (Developments) Companies Act 2006 Non-registered
Limited
--------------------------- ---------------
Platform HG Financing Companies Act 2006 Non-registered
PLC
--------------------------- ---------------
Waterloo Homes Limited Companies Act 2006 Non-registered
(Dormant)
--------------------------- ---------------
Basis of Accounting
The following financial statements have been prepared in
accordance with applicable United Kingdom Accounting Generally
Accepted Accounting Practice (UK GAAP), the Statement of
Recommended Practice for registered housing providers: Housing SORP
2018 Update and Financial Reporting Standard 102 ('FRS 102').
Platform Housing Group is a Public Benefit Entity under the
requirements of FRS 102. The financial statements presented in this
document are unaudited and have not been reviewed by external
auditors.
The financial statements comply with the Co-operative and
Community Benefit Societies Act 2014, the Co-operative and
Community Benefit Societies (Group Accounts) Regulations 1969, the
Housing and Regeneration Act 2008 and the Accounting Direction for
Private Registered Providers of Social Housing 2019. Following the
implementation of FRS 102, housing properties are stated at deemed
cost at the date of transition and additions are recorded at cost.
Investment properties are recorded at valuation. The statements are
presented in sterling and are rounded to the nearest GBP1,000.
As a Public Benefit Entity, The Group applies the 'PBE' prefixed
paragraphs of FRS102.
Statement of Comprehensive Income for the Six Months ended 30
September 2020
Six months Six months
ended 30 September ended 30 September
2020 2019
Note GBP000 GBP000
Turnover 1&2 134,343 127,749
Operating Expenditure 1&2 (65,602) (66,038)
Cost of Sales 1&2 (13,973) (10,417)
Gain on disposal of property,
plant and equipment - 3,046 3,146
Loss on disposal of investment - - -
properties
Operating Surplus 57,814 54,440
Interest receivable 4 68 278
Interest payable and financing
costs 4 (27,318) (20,731)
(Decrease)/Increase in valuation
of investment properties - - -
Gift Aid - - -
Movement in fair value of financial - - -
instruments
Negative goodwill - -
Surplus before tax 30,564 33,987
Taxation - - -
Surplus for the period after
tax 30,564 33,987
Actuarial gain / (loss) in respect - - -
of pension schemes
Total comprehensive income for
the period 30,564 33,987
==================== ====================
The Group's results all relate to continuing activities.
Statement of Financial Position at 30 September 2020
30 September 2020 31 March 2020
Note GBP000 GBP000
Fixed assets
Housing properties 5 2,544,312 2,471,698
Other tangible fixed assets - 21,439 20,322
Investment properties - 15,775 15,775
Homebuy loans receivable - 8,738 8,738
Fixed asset investments - 15,831 15,389
------------------ --------------
2,606,095 2,531,922
Current assets
Stocks: Housing properties for sale - 34,095 35,419
Stocks: Other - 187 147
Trade and other Debtors - 17,165 19,679
Cash and cash equivalents 221,232 83,844
------------------ --------------
272,679 139,089
Less: Creditors: amounts falling due within one year - (162,278) (163,355)
Net current assets / (liabilities) 110,401 (24,266)
Total assets less current liabilities 2,716,496 2,507,656
------------------ --------------
Creditors: amounts falling due after more than one year - (1,713,084) (1,534,945)
Provisions for liabilities
Pension provision - (47,913) (47,913)
Other provisions - (100) (100)
Total net assets 955,399 924,698
Reserves
Non-equity share capital - -
Income and expenditure reserve 734,354 703,790
Revaluation reserve 221,045 220,908
------------------ --------------
Total reserves 955,399 924,698
================== ==============
Consolidated Statement of Changes in Reserves
Income and Property Investment Total
Expenditure Revaluation Revaluation
Reserve Reserve Reserve
GBP000 GBP000 GBP000 GBP000
Balance at 1 April 2019 626,582 221,233 200 848,015
Surplus for the year 57,879 - - 57,879
Actuarial gain / (loss)
on pension scheme 18,354 - - 18,354
Valuation in the year - - 450 450
Transfer between reserves 975 (975) - -
Balance at 31 March 2020 703,790 220,258 650 924,698
------------- ------------- ------------- --------
Surplus for the period 30,564 - - 30,564
Actuarial gain / (loss)
on pension scheme - - - -
Valuation in the period - - 137 137
Transfer between reserves - - - -
Balance at 30 September
2020 734,354 220,258 787 955,399
============= ============= ============= ========
Consolidated Statement of Cash Flows for the period ended 30
September 2020
Six months ended 30 September 2020 Six months ended 30 September 2019
GBP000 GBP000
Net cash generated from operating
activities (see note i below) 61,123 55,600
Cash flow from investing activities
Purchase of tangible fixed assets (74,831) (96,236)
Proceeds from sales of tangible fixed
assets 6,003 11,058
Grants received 27,872 18,322
Interest received 107 278
Pensions - -
Homebuy and Festival Property Purchase - -
loans repaid
Investments (442) (1,043)
Cash flow from financing activities
Interest paid (31,667) (22,734)
New secured debt 418,996 29,090
Repayment of borrowings (269,773) (112,174)
Net change in cash and cash equivalents 137,388 (117,839)
Cash and cash equivalents at the
beginning of the period 83,844 152,799
Cash and cash equivalents at the end of
the period 221,232 34,960
Note i
Surplus for the period 30,564 33,987
Adjustments for non-cash items
Depreciation of tangible fixed assets 17,764 16,352
Amortisation of grants (2,420) (2,331)
Impairment losses - -
Movement in properties and other assets
in the course of sale 1,324 (3,202)
Increase in stock (40) (9)
(Increase) / decrease in trade and other
debtors (2,256) (2,359)
(Decrease) / increase in trade and other
creditors (8,154) (3,857)
Increase / (decrease) in provisions - (57)
Pension costs less contributions payable - -
Carrying amount of tangible fixed asset - -
disposals
Goodwill - -
Adjustments for investing or financing
activities
Proceeds from sale of tangible fixed
assets (3,046) (3,146)
Interest payable 27,318 20,731
Interest receivable (68) (278)
Movement in fair value of financial
instruments 137 (557)
Increase in valuation of investment
property - 326
Net cash generated from operating
activities 61,123 55,600
----------------------------------- -----------------------------------
1. Turnover, Cost of Sales, Operating Expenditure and Operating
Surplus
Six months ended 30 September 2020
Turnover Cost of Sales Operating Expenditure Operating Surplus / (Deficit)
GBP000 GBP000 GBP000 GBP000
Social housing lettings
(see note Error! Reference source
not found. ) 112,791 - (59,670) 53,121
Other social housing activities
Development services 16 - (1,503) (1,487)
Management services 82 - (188) (106)
Support services 280 - (326) (46)
Sale of Shared Ownership first
tranche 14,308 (11,687) - 2,621
Other 1,109 - (648) 461
--------- -------------- ---------------------- ------------------------------
15,795 (11,687) (2,665) 1,443
Activities other than social
housing
Developments for sale 2,286 (2,286) - -
Student accommodation 5 - (9) (4)
Market rents 589 - (350) 239
Other 2,877 - (2,908) (31)
--------- -------------- ---------------------- ------------------------------
5,757 (2,286) (3,267) 204
Total 134,343 (13,973) (65,602) 54,768
========= ============== ====================== ==============================
1. Turnover, Cost of Sales, Operating Expenditure and Operating Surplus (continued)
Six months ended 30 September 2019
Turnover Cost of Sales Operating Expenditure Operating Surplus / (Deficit)
GBP000 GBP000 GBP000 GBP000
Social housing lettings
(see note Error! Reference source
not found. ) 108,720 - (60,812) 47,908
Other social housing activities
Development services 33 - (723) (690)
Management services 93 - 76 169
Support services 288 - (145) 143
Sale of Shared Ownership first
tranche 12,548 (10,117) - 2,431
Other 1,166 - (711) 455
--------- -------------- ---------------------- ------------------------------
14,128 (10,117) (1,503) 2,508
Activities other than social
housing
Developments for sale 318 (300) - 18
Student accommodation 2 - (32) (30)
Market rents 582 - (353) 229
Other 3,999 - (3,338) 661
--------- -------------- ---------------------- ------------------------------
4,901 (300) (3,723) 878
Total 127,749 (10,417) (66,038) 51,294
========= ============== ====================== ==============================
2. Turnover and Operating Expenditure for Social Housing
Lettings
Six months ended 30 September 2020
General Affordable Supported Shared Intermediate Total
Needs Rent Housing Ownership rent
Housing & Housing
for older
people
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Income
Rent receivable
net of identifiable
service charges 66,999 18,736 6,835 7,843 1,224 101,637
Service charge
income 2,833 594 2,909 1,437 2 7,775
Other grants 629 129 63 105 9 935
Amortised
government
grants 1,337 641 63 366 13 2,420
Other income 1 23 - - - 24
--------- ----------- ----------- ----------- ------------- ---------
Turnover from
social housing
lettings 71,799 20,123 9,870 9,751 1,248 112,791
Operating expenditure
Management (7,902) (1,882) (925) (1,466) (95) (12,270)
Service charge
costs (3,563) (856) (3,254) (1,326) (119) (9,118)
Routine maintenance (10,277) (1,394) (1,003) (40) (40) (12,754)
Planned maintenance (2,211) (581) (230) (63) (15) (3,100)
Major repairs
expenditure (3,716) (308) (73) (330) (224) (4,651)
Bad debts (755) (231) (110) (129) (16) (1,241)
Depreciation
of housing
properties (10,238) (3,830) (1,062) (1,248) (158) (16,536)
Impairment
of housing
properties - - - - - -
Other costs - - - - - -
--------- ----------- ----------- ----------- ------------- ---------
Operating
expenditure
on social
housing lettings (38,662) (9,082) (6,657) (4,602) (667) (59,670)
Operating
surplus on
social housing
lettings 33,137 11,041 3,213 5,149 581 53,121
========= =========== =========== =========== ============= =========
Void losses (761) (211) (235) (478) (73) (1,758)
2. Turnover and Operating Expenditure for Social Housing Lettings (continued)
Six months ended 30 September 2019
General Affordable Supported Shared Intermediate Total
Needs Rent Housing Ownership rent
Housing & Housing
for older
people
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Income
Rent receivable
net of identifiable
service charges 65,905 17,211 6,907 7,173 1,257 98,453
Service charge
income 2,765 568 2,856 1,516 1 7,706
Other grants 206 - - - - 206
Amortised
government
grants 1,337 585 58 338 13 2,331
Other income - 24 - - - 24
--------- ----------- ----------- ----------- ------------- ---------
Turnover from
social housing
lettings 70,213 18,388 9,821 9,027 1,271 108,720
Operating expenditure
Management (8,565) (1,846) (995) (1,367) (94) (12,867)
Service charge
costs (3,599) (666) (2,199) (1,229) (101) (7,794)
Routine maintenance (10,263) (2,153) (1,401) (45) (102) (13,964)
Planned maintenance (2,534) (270) (332) (10) (7) (3,153)
Major repairs
expenditure (3,341) (1,157) (1,504) (38) (38) (6,078)
Bad debts (893) (107) (66) - - (1,066)
Depreciation
of housing
properties (10,113) (3,473) (1,104) (1,093) (107) (15,890)
Impairment
of housing
properties - - - - - -
Other costs - - - - - -
--------- ----------- ----------- ----------- ------------- ---------
Operating
expenditure
on social
housing lettings (39,308) (9,672) (7,601) (3,782) (449) (60,812)
Operating
surplus on
social housing
lettings 30,905 8,716 2,220 5,245 822 47,908
========= =========== =========== =========== ============= =========
Void losses (454) (150) (264) (45) (137) (1,050)
3. Units
Social housing properties in management at end of period
September 2020 March 2020
Owned Managed Total Owned Total Total Total
and managed not owned managed not managed Owned Managed Owned
Number Number Number Number Number Number Number
General Needs 28,142 8 28,150 29 28,171 28,041 28,062
Affordable
rent 6,734 5 6,739 12 6,746 6,638 6,645
Supported 284 - 284 69 353 284 353
Care homes - - - - - - -
Housing for
older people 2,973 - 2,973 - 2,973 2,973 2,973
Intermediate
rent 456 - 456 68 524 457 525
------------- ----------- --------- ------------- ------- --------- -------
Total 38,589 13 38,602 178 38,767 38,393 38,558
*Shared Ownership
<100% 5,431 6 5,437 - 5,431 5,327 5,321
Social Leased
@100% sold 1,109 - 1,109 - 1,109 1,100 1,100
------------- ----------- --------- ------------- ------- --------- -------
Total social 45,129 19 45,148 178 45,307 44,820 44,979
Non social
housing
Non social
rented 113 - 113 - 113 113 113
Non social
leased 389 8 397 29 418 397 418
Total stock 45,631 27 45,658 207 45,838 45,330 45,510
============= =========== ========= ============= ======= ========= =======
*The equity proportion of a shared ownership property is counted
as one unit.
4. Net Interest
Interest receivable and similar income Six months ended 30 September 2020 Six months ended 30 September 2019
GBP000 GBP000
On financial assets measured at amortised
cost:
Interest receivable 68 278
68 278
=================================== ===================================
Interest payable and financing costs Six months ended 30 September 2020 Six months ended 30 September 2019
GBP000 GBP000
On financial liabilities measured at
amortised cost:
Loans repayable 21,740 22,477
Loan breakage costs 6,395 -
Costs associated with financing 1,835 1,364
----------------------------------- -----------------------------------
29,970 23,841
On defined benefit pension scheme:
Expected return on plan assets - -
Interest on scheme liabilities - -
----------------------------------- -----------------------------------
- -
On financial liabilities measured at fair
value:
Interest capitalised on housing
properties (2,652) (3,110)
27,318 20,731
=================================== ===================================
5. Tangible Fixed Assets - Housing Properties
Group
Housing Properties Housing Properties Completed Shared Shared Ownership Total
held for letting in the course of Ownership Properties in the
construction Properties course of
construction
GBP000 GBP000 GBP000 GBP000 GBP000
Cost
At 1 April 2020 2,215,034 105,768 368,702 55,483 2,744,987
Reclassification - 1,561 - (1,561) -
Additions 362 61,824 214 37,276 99,676
Works to existing
properties 2,429 - - - 2,429
Disposals (1,392) - (2,146) - (3,538)
Transfer to current
assets - (2,286) 213 (10,606) (12,679)
Interest capitalised - 1,623 - 1,028 2,651
Schemes completed 22,944 (22,944) 10,140 (10,140) -
At 30 September 2020 2,239,377 145,546 377,123 71,480 2,833,526
-------------------- ------------------- ------------------- ------------------- ----------
Depreciation
At 1 April 2020 256,268 - 17,021 - 273,289
Charge for the
period 15,343 - 1,248 - 16,591
Disposals (518) - (148) - (666)
Impairment - - - - -
-------------------- ------------------- ------------------- ------------------- ----------
At 30 September 2020 271,093 - 18,121 - 289,214
-------------------- ------------------- ------------------- ------------------- ----------
Net Book Value
-------------------- ------------------- ------------------- ------------------- ----------
At 30 September 2020 1,968,284 145,546 359,002 71,480 2,544,312
==================== =================== =================== =================== ==========
At 31 March 2020 1,958,766 105,768 351,681 55,483 2,471,698
==================== =================== =================== =================== ==========
Impairment losses
Housing properties are assessed at each reporting date to
determine whether an indicator of impairment exists. Where there is
evidence of impairment, an assessment is carried out to estimate
the recoverable amount of the asset. The recoverable amount is the
higher of the fair value less costs to sell and value in use.
The current Covid - 19 pandemic has been determined to be an
indicator for impairment. A full review of assets was undertaken in
May 2020 but no evidence of impairment was found. Asset values
continue to be monitored and no impairment has occurred in the
period.
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