TIDM76FQ
RNS Number : 4914L
LiveWest Treasury PLC
13 May 2022
LiveWest Trading Update for the 12 months ended 31 March
2022
LiveWest issues its unaudited group trading update for the 12
months ended 31 March 2022, with comparatives to the audited
position for the 12 months ended 31 March 2021.
Financial and Operating Performance
Turnover for the period of GBP271m is higher than in 2021
(GBP244m) due to GBP7m higher rental and other lettings income and
GBP20m due to higher shared ownership and open market sales.
Operating costs were GBP26m higher in the period mainly as a
result of GBP16m higher cost of sales on the sale of shared
ownership and open market homes. Repair costs were GBP9m higher
both due to spend returning to normal levels following the lower
level of spend in the period to March 2021 as a result of COVID and
increases for fire safety costs and new energy efficiency
spend.
Net Interest Payable is GBP8m lower as 2021 included a GBP9m
cost of restructuring fixed rate swaps. Surplus for the period is
GBP53m (2020: GBP46m).
Statement of Comprehensive Income
12 months 12 Months
Mar-22 Mar-21
GBPm GBPm
Turnover 271 244
Operating Costs (209) (183)
Surplus on Disposal of Properties 19 20
Operating Surplus 81 82
----------
Net Interest Payable (31) (39)
Revaluation of investment property 2 -
Movement in Fair Value of Financial
Instruments 1 3
Surplus for the period 53 46
----------
Financial Indicators
12 months 12 Months
Mar-22 Mar-21
Operating Margin on Social Housing
Lettings 27% 31%
Gross Margin on Shared Ownership
Sales 21% 23%
Gross Profit Margin on Open Market 21% 20%*
Sales
Sales as Percentage of Turnover 26% 21%
------------------------------------- ---------- ----------
* Gross Profit Margin Percentage on Open Market Sales is before
an accrual for additional work required on an historical scheme.
The Margin falls to 14% with this included.
Sales of open market (our share only, if part of a joint
venture) and shared ownership homes totalled 403 units for the year
(2020: 335).
Sales and margins on housing sales continue to perform strongly
with shared ownership margins slightly reduced in the year due to
the mix of sites. As at 31 March 2022, we had 64 shared ownership
stock units of which 13 were unreserved (March 2021: 100 stock/32
unreserved) and 10 open market stock units (our share only, if part
of a joint venture) and 3 of which are unreserved (March 2021: 8
stock 4 unreserved).
Housing Properties (net of depreciation) have increased to
GBP2,220m from GBP2,142m at March 2021. Net Debt has increased to
GBP883m (March 2021: GBP851m).
Customer satisfaction is 87% (March 2021: 90%). Void losses for
our general needs stock were 0.56% (March 2021: 0.47%). Rent
arrears were 2.03% (March 2021: 2.02%).
Liquidity
At 31 March 2022 LiveWest had liquidity of GBP421m, consisting
of available undrawn facilities of GBP402m, and available cash of
GBP19m.
Development
800 affordable units were handed over in the year (2020: 701).
We have a contracted pipeline of 2,414 affordable homes (March
2021: 2,504).
Building Safety
At 31 March 2022 100% of homes had an up to date Fire Risk
Assessment (March 2021: 100%). 99.99% of homes had a valid Gas
Safety Certificate (March 2021 99.98%) and 100% of rented homes
meet the Decent Homes Standard (March 2021: 99.99%).
Board and Executive Team Changes - 12 months to March 2022
LiveWest Homes Ltd: Andrew Wiles retired from the board in
February 2022. Joanna Crane and Rahul Jaitly were appointed on 31
March 2022.
Rahul has over 25 years experience working across a number of
industry sectors providing broad global IT leadership, digital
transformation / innovation management and board advisory services
for private equity / venture capital-backed companies. He is
currently a Non-Executive Director at Surrey and Borders
Partnership NHS Foundation Trust, a Trustee of Change Grow Live and
a Non-Executive Director at PA Housing. He previously served as the
Group Chief Information Officer at L&Q Group and held senior
roles at Kuoni Group, Universal Music Group, GlobalNetFinancial.com
and the Financial Times.
Joanna has more than 25 years in banking and financial services,
most recently at the European Investment Bank in Luxemburg. She has
worked across a range of disciplines within both UK, EMEA and
International operations, beginning her career at Credit Suisse in
private banking before moving into corporate banking and structured
finance. A focus on strategy and communications led to several
years in IT during European Monetary Union and Y2K and thence to
HR, to lead on Organisational development and change management.
Joanna has led strategic transformation projects and organisational
design initiatives, and has a particular focus on career
development and equal opportunities in both public and private
sector businesses. Joanna has been a NED in the NHS since 2009,
chairing Quality and Risk committees and is currently Senior
Independent Director at University Hospitals Sussex. Joanna
recently moved to Devon and lives in Totnes.
LiveWest Treasury plc: there were no changes to the membership
of the board.
LiveWest Rating
LiveWest Homes Ltd is rated A2 (stable) by Moody's (Mar 2022),
and G1/V1 by the Regulator of Social Housing (March 2022).
END
For more information, please contact:
Andrew Hart, Director of Corporate Finance 01392 814444
https://www.livewest.co.uk/about-us/for-investors
Disclaimer
The information contained herein (the "Trading Update") has been
prepared by LiveWest Homes Limited (the "Parent") and its
subsidiaries (the "Group"), including LiveWest Treasury plc (the
"Issuer") and is for information purposes only.
The Trading Update should not be construed as an offer or
solicitation to buy or sell any securities issued by the Parent,
the Issuer or any other member of the Group, or any interest in any
such securities, and nothing herein should be construed as a
recommendation or advice to invest in any such securities.
Statements in the Trading Update, including those regarding
possible or assumed future or other performance of the Group as a
whole or any member of it, industry growth or other trend
projections may constitute forward-looking statements and as such
involve risks and uncertainties that may cause actual results,
performance or developments to differ materially from those
expressed or implied by such forward-looking statements.
Accordingly, no assurance is given that such forward-looking
statements will prove to have been correct. They speak only as at
the date of the Trading Update and neither the Parent nor any other
member of the Group undertakes any obligation to update or revise
any forward-looking statements, whether as a result of new
information, future developments, occurrence of unanticipated
events or otherwise. The information contained in the Trading
Update is unaudited.
None of the Parent, any member of the Group or anyone else is
under any obligation to update or keep current the information
contained in the Trading Update. The information in the Trading
Update is subject to verification, does not purport to be
comprehensive, is provided as at the date of the Trading Update and
is subject to change without notice.
No reliance should be placed on the information or any
projections, targets, estimates or forecasts and nothing in the
Trading Update is or should be relied on as a promise or
representation as to the future. No statement in the Trading Update
is intended to be a profit estimate or forecast. No representation
or warranty, express or implied, is given by or on behalf of the
Parent, any other member of the Group or any of their respective
directors, officers, employees, advisers, agents or any other
persons as to the accuracy or validity of the information or
opinions contained in the Trading Update (and whether any
information has been omitted from the Trading Update). The Trading
Update does not constitute legal, tax, accounting or investment
advice.
Figures quoted in the update are based on unaudited management
accounts which are subject to review and further adjustments, for
example in the areas of pensions, investment property valuation and
taxation.
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