Boston Mayflower Finance PLC Trading Update

TIDM90IY

RNS Number : 6357P

Boston Mayflower Finance PLC

10 February 2023

Boston Mayflower Finance PLC

10 February 2023

Boston Mayflower Finance PLC, a wholly owned subsidiary of Lincolnshire Housing Partnership (a registered Housing Association), announces the trading update for LHP for the 9 months to 31(st) December 2022.

The figures presented are unaudited and for information purposes only. Any forecast information is based on current reasonable assumptions and should be treated with caution as actual results may be subject to change.

With rising inflationary pressures to manage this year, LHP continues to closely monitor it's financial and operational performance. With consistent operating margins and good levels of liquidity, LHP remain in a strong position to continue to meet the needs of our customers by investing in their homes, local communities, and services.

 
 Statement of Comprehensive    31 Dec 2022   31 Dec 2022 
  Income 
                               Actual        Budget 
                              ------------  ------------ 
 Turnover                      GBP44.3m      GBP44.9m 
                              ------------  ------------ 
 Operating Surplus             GBP11.8m      GBP12.7m 
                              ------------  ------------ 
 Surplus After Tax             GBP6.5m       GBP7.4m 
                              ------------  ------------ 
 Total Comprehensive Income    GBP5.9m       GBP6.8m 
                              ------------  ------------ 
 Operating Margin              26.6%         28.3% 
                              ------------  ------------

As at P9, The Statement of Comprehensive Income reflects the fact that LHP have been affected by increasing costs for materials and sub- contractors, however LHP have benefitted from higher than forecast RTB and RTA property sales. During the year LHP have been recruiting in the repairs and maintenance team and now have a full complement of staff, which will start to reduce sub-contractor costs going forward.

 
 Key Metrics                                     31 Dec 2022 
                                                 Actual 
                                                ------------ 
 Gearing (Net Debt/Housing assets at historic 
  cost)                                          37% 
                                                ------------ 
 EBITDA Interest Cover (EBITDA / Net Interest 
  payable)                                       309% 
                                                ------------ 
 Liquidity (as % of Net Cash Requirement over 
  24 months)                                     574% 
                                                ------------

During the year, LHP restructured its RCF facilities, reducing our annual funding costs and removing covenant restrictions, increasing flexibility for the future.

There have been no changes to the Group structure during the period.

Following the year end, we will be inviting all parties to a Webinar where we will present our financial statements for the year to 31(st) March 2022 and provide a commentary on our operational and financial performance. We will post an update with further details in due course on the "Investors" webpage of the Lincolnshire Housing Partnership website.

For further information or comments on this announcement, please contact:

communications@lincolnshirehp.com

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