Metropolitan Funding PLC Trading Statement (8794Z)
16 Gennaio 2024 - 3:30PM
UK Regulatory
TIDM38EO TIDM42YK
RNS Number : 8794Z
Metropolitan Funding PLC
16 January 2024
Metropolitan Funding PLC and Metropolitan Housing Trust
(MHT)
Thames Valley Housing Association Group (TVHA) Trading update
for the financial year ending 31 March 2024.
Thames Valley Housing Association (trading as MTVH) announces
revised guidance for its Operating surplus for FY24, due to
provisions and impairments covering fire and general building
safety works.
As a result of changes in Building Safety legislation and MTVH's
own commitment to protect its leaseholders, the estimated costs of
fire safety works to leaseholders' properties (assumed in our
overall five year fire safety works programme) will be fully
provided for in the current year. As part of the same full review,
MTVH has written down the value of other buildings where future
expected life is materially reduced. These costs have been
prudently assessed but MTVH will seek to mitigate them through
recovery from third parties wherever possible.
These one-off provisions and impairments totalling GBP105m will
be reflected in the group's Operating Surplus and Total Surplus
results for FY24. Underlying operating results remain in line with
our expectations.
On December 19(th) 2023, Standard & Poor Global (S&P)
revised the Thames Valley Housing Association rating upwards to A-
Stable. When S&P determined this rating, the financial base
case included estimates of these costs.
TVHA will report results for the year ended 31 March 2024 in
summer 2024.
Enquiries
Please contact Donald McKenzie, Director of Corporate Finance,
on 0203-535-4434 or at donald.mckenzie@mtvh.co.uk
This information for investors is also available on our
website:
https://www.mtvh.co.uk/about-us/investor-relations/
The information in this announcement has been prepared by the
Thames Valley Housing Association group and is for information
purposes only. The should not be construed as an offer or
solicitation to buy or sell any securities, or any interest in any
such securities, and nothing herein should be construed as a
recommendation or advice to invest in any such securities.
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END
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