Boston Mayflower Finance PLC Half-year Report (5118H)
November 15 2018 - 8:30AM
UK Regulatory
TIDM90IY
RNS Number : 5118H
Boston Mayflower Finance PLC
15 November 2018
Lincolnshire Housing Partnership
Lincolnshire Housing Partnership (LHP) is today issuing the
consolidated trading update for the 6 months ended 30 September
2018.
The merger of Boston Mayflower Ltd and Shoreline Housing
Partnership Ltd was effective from 3rd April 2018, forming
Lincolnshire Housing Partnership Ltd (LHP).
The financial performance has been measured against the first
year of the 30 year Business Plan.
Unaudited Financial Performance
LHP has delivered a strong financial performance compared to
Business Plan's expectation for the period. LHP is expecting to
sustain this level of performance through to the end of the 2018/19
financial year.
Highlights:
-- Turnover for the period was GBP27.2million
-- Operating surplus for the period ( before sale of assets) was GBP4.6 million
-- Net margin on all property sales was 37%.
-- The losses (after demolition, swap cancellation and merger
costs) of GBP2.5 million is GBP3.1million better than budget.
-- Surpluses on continuing operations are better than budget by GBP1.7million.
-- GBP16 million improvement programme reaches milestone.
The reduction in the bad debt provision and the below forecast
demolition costs contributed to the reduced deficit in the six
month period.
Management Accounts Consolidated Statement of Income
6 Months to 30 Sept 18
------------------------------------------------------
Actual Actual Continuing operations
(i.e excluding planned
demolition and merger
costs)
--------------------- -------------------------------
GBP'000s GBP'000s
--------------------- -------------------------------
Turnover 27,274 27,274
--------------------- -------------------------------
Rent 26,154 26,154
Sales 731 731
Social housing
grant amortisation 389 389
--------------------- -------------------------------
Operating Surplus
(before sale of
assets) 4,599 8,379
--------------------- -------------------------------
Gain/(loss) on
sale of asset 451 451
--------------------- -------------------------------
Net Operating Surplus 5,050 8,830
--------------------- -------------------------------
Operating Margin 16.9% 30.7%
--------------------- -------------------------------
Interest (7,520) (3,320)
--------------------- -------------------------------
Result for period (2,469) 5,510
--------------------- -------------------------------
Management Accounts Consolidated Statement
of Financial Position
As at 30 Sept 18
----------------------------
GBP'000s
----------------------------
Fixed Assets 278,151
----------------------------
Current Assets 13,448
----------------------------
Creditors (186,125)
----------------------------
Net Assets 105,474
----------------------------
Revenue Reserves 107,495
----------------------------
Deficit in the year (2,469)
----------------------------
Net Equity 105,474
----------------------------
Operational Performance
-- Customer - 97.8% of our customers were satisfied with their last repair
-- Property Team
o 99% of all repair appointments made were attended
o First time fix at 91.5% for the period.
o Emergency repairs completed on time stood at 99.7%
-- Improvement Programme - Grimsby resident is celebrating in
style after his home became the 500th to be revamped as part of a
GBP16 million improvement programme.
-- Property Sales - Outright and shared ownership sales
generated income of GBP1.6 million; Profit margin was 37%.
-- Rent collection - for the period was above target at 96.2%.
Treasury
As at 30(th) September, LHP's loan facilities are borrowing are
summarised as follows:
Arranged Drawn
GBPm GBPm
Listed Bond 150 75
Private Placement 15 15
Lloyds Bank Loan 62 62
Revolving Credit facility
(Lloyds) 29.2* 0
--------- ------
256.2 152.0
--------- ------
Liquid Cash GBPm
Cash in hand 10.6
Undrawn RCF 29.2
-----------------
Total Liquid cash 39.8
-----------------
All covenants are met at the end of the period and are forecast
to be met for each of the next 6 quarters.
* Since May 2018 LHP has restructured the Lloyds bank
borrowing
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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