13KQ Hastoe 5.60%

TIDM13KQ

RNS Number : 9467X

Hastoe Capital Plc

01 September 2022

01 September 2022

Publication of Annual Report and Financial Statements for year ended 31 March 2022

Hastoe Capital plc announces the publication of the Annual Report and Financial Statements for the year ended 31 March 2022 of Hastoe Housing Association Limited (the Group) and Hastoe Capital plc.

The Group generated a surplus for the year of GBP3.6m (2021: GBP3.1m) at an operating margin of 44% (2021: 46%). The surplus for the year reflected a higher level of expenditure on routine maintenance and major repairs, due in part to a catch up from the previous year that was affected by Covid-19 restrictions, offset by an increase in the gain on disposal of properties and the reversal of impairment charges.

The operating margin fell slightly but remained comfortably above 40%, due to the gain on the disposal of properties almost doubling to GBP2.2m (2021: GBP1.2m). Excluding the gain on the disposal of properties, the operating margin fell to 38% (2021: 42%), as a result of the additional maintenance expenditure referred to above.

In 2020/21, a provision of GBP3.9m was made for constructive obligations to undertake fire safety remedial works on a number of low-rise blocks of flats. The properties are still in their latent defects period and Hastoe has been seeking remedy from the contractors. The provision has been fully reversed in the current year due a settlement agreement reached with one contractor, who has agreed to complete the necessary remedial works at no cost to Hastoe, and confirmation received regarding an NHBC warranty on the other two schemes. The release of the provision has resulted in the reversal of the GBP875k associated impairment charge that was made in 2020/21. Excluding the impact of the provision, the EBITDA MRI cover was 1.3 times for the year (2021: 1.4 times).

At the year end, the Group had committed debt funding of GBP263m. Available liquid resources of GBP50m (cash holdings of GBP12m and undrawn loan facilities of GBP38m) are sufficient to meet the Group's committed expenditure. The Group's drawn debt has limited refinancing risk with only around 20% of the Group's debt maturing within the next ten years. The undrawn loan facility of GBP38m is committed until 2025. At the year end, Hastoe Capital plc held GBP50m of retained bonds.

A copy of both sets of accounts have been submitted to the National Storage Mechanism and are available for inspection.

For further information, please contact:

Will Roberts

Company Secretary

17 Marina Place

Kingston Upon Thames

KT1 4BH

Telephone : 0300 123 2250

Email : wroberts@hastoe.com

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