TIDM38LT
RNS Number : 4970D
Libra (Longhurst Group)Treasury PLC
19 February 2020
Longhurst Group Trading Update for the period ending 31 December
2019
Longhurst Group Ltd ("LG") is today issuing its consolidated
unaudited trading update for the nine months ended 31 December
2019.
The Statement of Comprehensive Income Comparatives (SOCI) are to
LG's consolidated unaudited results for the nine months ending 31
December 2018.
Highlights
-- Total turnover excluding property sales for the period was
GBP94.6m, a decrease of 0.64% on the prior year. This year is the
final year of 1% per annum rent decreases, and the rental policy
reverts to CPI+1% for at least five years from 01 April 2020.
-- Property sales maintain a strong margin of 20.60% compared to
22.24% from 2018. Property sales turnover is GBP8.5m lower to
December 2019 compared to the year to date position at December
2018.
-- As at December 2019, we had completed 167 Property sales in
the year compared to a year to date target of 165.
-- The slightly lower margin on property sales is a result of a
gradual move towards more land led opportunities from section
106.
-- Operating margin was 33.13% down from 33.80% in 2018.
-- The increase in the gain on disposal of PPE is due to the
volume of voluntary right to buy sales which have completed in the
period to December 2019
-- Included within operating costs to December 2019 are GBP1.6m
of costs relating to exiting of local government pension
schemes.
Commenting on the results to the 31 December, Robert Griffiths
CFO and Deputy CEO
"LG's operating surplus for the period to the end of December
was just over GBP2.5m better than budget at GBP37.9m.
The margin on low cost home ownership ("LCHO") sales and market
sales was 20.60% to 31 December 2019, down from 22.24% for the same
period in 2018. The continued strong sales performance is backed by
healthy first tranche sale percentages, which are consistently
averaging above 43%. Our average sales period is reducing and
stands at 2.9 months for the year to December 2019; we are
experiencing a continued strong demand with properties being sold
off plan."
Housing Completions
LG are forecasting to complete 552 completions in the year to 31
March 2020 compared to a business plan target of 551.
Future Development
A further 708 units are within the business plan to be completed
by 2021/22, 626 of which are from current committed projects and
uncommitted identified sites which are not yet in contract.
9 months 9 months
to to
31/12/2019 31/12/2018 Movement
GBP'000 GBP'000 GBP'000
Statement of Comprehensive
Income
Turnover (excluding property
sales) 94,571 95,180 (609) -0.64%
Turnover from property sales 19,940 28,459 (8,519) -42.72%
Total turnover 114,511 123,639 (9,128) -7.97%
===================== ===================== ==================
Cost of sales (15,832) (22,129) 6,297 -39.77%
Operating costs (63,641) (60,940) (2,701) 4.24%
Gain on disposal of PPE (fixed
assets) 2,903 1,215 1,688 58.15%
Operating surplus 37,941 41,785 (3,844) -10.13%
===================== ===================== ==================
Operating margin 33.13% 33.80%
Movement in investment properties - - -
Interest receivable and other
income 234 180 54 23.08%
Interest payable and similar
charges (20,766) (22,013) 1,247 -6.01%
Actuarial gains/losses in
respect - - -
of pension schemes
Tax payable (81) (65) (16) 19.75%
Surplus for the period 17,328 19,887 (2,559) -14.77%
===================== ===================== ==================
Net margin 15.13% 16.09%
31/12/2019 31/03/2019
GBP'000 GBP'000
Statement of Financial Position
Fixed assets
Housing properties 1,158,276 1,105,338
Investment properties 8,527 8,377
Other fixed assets 17,624 17,552
1,184,427 1,131,267
=================== ====================
Current assets
Stock 16,582 26,717
Trade and other debtors 10,249 8,136
Cash and cash equivalents 13,110 43,278
39,941 78,131
=================== ====================
Creditors: amounts falling due within
one year (26,845) (41,354)
Net current assets/(liabilities) 13,096 36,777
=================== ====================
Total assets less current liabilities 1,197,523 1,168,044
=================== ====================
Creditors: amounts falling due after
one year
Loans (592,930) (587,320)
RCGF (1,196) (1,196)
Loan issue costs 9,485 9,006
Mark to market position (28,756) (25,552)
Deferred capital grant (292,390) (280,747)
(905,787) (885,809)
=================== ====================
Pension provision (24,429) (29,333)
Total net assets 267,307 252,902
=================== ====================
Capital and reserves
Revenue reserve 157,859 140,250
Revaluation reserve 137,204 137,204
Cashflow hedge reserve (28,756) (25,552)
Designated reserves 1,000 1,000
267,307 252,902
=================== ====================
The consolidated accounts of Longhurst Group Limited have been
available since September 2019 on the Group website publications
section, link as follows;
https://www.longhurst-group.org.uk/media/2636/web-lg-financial-statement-2019.pdf
In February 2020 Longhurst Group had its governance and
viability ratings confirmed by the regulator as V1/G1, link as
follows;
https://www.gov.uk/government/publications/regulatory-judgement-longhurst-group-limited
The current Longhurst Group board members are:
Robert Wilson, Julie Doyle, Parmjit Dhanda, Patricia Brandum,
Stephen Wenham, Angela Morris, Gabriel Behr and Jenny Brown
Resignations since 31(st) March 2019 are Clive Barnett, Daniel
Elkins and Hilary Lindsay
Appointments since 31(st) March 2019 are Gabriel Behr
Following the transfers of engagements of Longhurst &
Havelok Homes Limited, Spire Homes (LG) Limited, Friendship Care
and Housing Limited and Axiom Housing Association Limited to
Longhurst Group Limited on 1 July 2019, the Homes Board was
disbanded. Further details of the updated governance structure are
available in the Longhurst Group Limited's consolidated
accounts.
The current Libra (Longhurst Group) Treasury plc and Libra
(Longhurst Group) Treasury No.2 plc board members are:
Clive Barnett, Robert Griffiths, Angela Morris and Karen
Preece
Resignations since 15(th) May 2018 are Daniel Elkins, Alan Lewin
and Hilary Lindsay
Appointments since 15(th) May 2018 are Angela Morris and Karen
Preece
For Further information, please contact:
Rob Griffiths, Chief Financial Officer & Deputy Chief
Executive
Kate Wood, Director of Corporate Finance
For media enquiries, please contact:
Jon Reeves, Press and PR Manager
Longhurst Group 0345 30 90 700
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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