REG - Moat Homes Limited Moat Homes Finance - Investor Presentation and Unaudited Results
Announcement of Investor Presentation and Meetings and Unaudited Results for 2019/20
Moat Homes Finance Plc
Moat Homes Limited
£300,000,000 5 per cent. Secured Bonds due 2041
Dated 20th July 2020
Moat Homes Finance Plc (issuer) and Moat Homes Limited (the parent), will be hosting investor meetings over the next two weeks. Investors will be updated generally at the meetings and it is possible that a sale of some or all of the Issuer's retained bonds may follow.
It is the intention that the investor presentation to be used at these meetings will be uploaded to the Moat Homes website following publication via RNS. Meetings will be held by webinar.
For further information, including joining details, please contact Greg Taylor, Executive Director - Finance and Corporate Services, on the details below.
The audited accounts for the period ended 31 March 2020 are expected to be published in early August in the normal manner. Moat Homes Finance Plc and Moat Homes Limited are issuing the following additional information as a performance update for the year to 31 March 2020, all numbers presented on a consolidated group basis and unaudited at this stage:
· Unaudited turnover for 2019/20 is £141.7m, an increase from £130.4m the previous year. Of this, £103.2m (previous year - £99.6m) is comprised of social housing lettings income, with the majority of the balance being, as in the previous year, first tranche sales income from shared ownership homes.
· Unaudited total comprehensive income was £26.6m (previous year - £25.3m).
· Unaudited operating surplus before gains on disposal of fixed assets was £38.2m (previous year £37.7m)
· Gains on disposals of fixed assets were £5.3m lower at £11.8m (previous year - £17.1m). The previous year included gains on asset disposals of £2.9m which completed Moat's stock rationalisation program. The balance primarily reflects reduced staircasing activity and redemptions of equity loans on customers' homes.
· Moat continues to have a very low element of revenue not from social housing activities, less than £1m in 2019/20.
· As at 31st March 2020 the unaudited net book value of fixed assets is £1,558m (previous year - £1,486m). The current assets figure for homes held for sale is £83.6m (previous year - £80.5m).
· Moat completed 553 new homes in the year (previous year - 500), of which 166 were for rent, 361 were for shared ownership and 26 for market tenures. Going forward the development programme has shifted towards more homes for rent and fewer for shared ownership, with ongoing very low numbers of homes built for market rent or outright sale.
· Moat completed a tap of the 2041 bond in November 2019, selling £100m and creating £50m of additional bonds which are retained at the present time.
For further information please contact:
Greg Taylor
Executive Director - Finance and Corporate Services
Greg.Taylor@moat.co.uk
Disclaimer: The figures included in this announcement for the financial year 2019/20 are unaudited and are therefore subject to change and should not be relied on. Moat Homes Finance Plc and Moat Homes Limited are not under any obligation to update or revise the information contained in this announcement (other than in due course through the publication of audited annual accounts). This statement is neither recommendation nor advice and is not an offer or solicitation to buy or sell any securities.
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