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RNS Number : 5358F

Yorkshire Housing Finance plc

07 November 2022

Yorkshire Housing Group (including YH Finance plc) trading update for the 6 months to 30(th) September 2022

-- Yorkshire Housing Group (YH) is today issuing its consolidated trading update for the 6 months ended 30(th) September 2022.

   --    These figures are unaudited and for information purposes only. 

Highlights for the period ending 30(th) September 2022

   --    YH own and manage 17,870 homes. 
   --    YH has a regulatory rating of G1/V2. 
   --    YH has a credit rating with Moody's of A3 Negative. 
   --    Operating surplus for the period was GBP15.0m (2021: GBP13.9m) 
   --    Operating margin for the period was 18% (2021: 19%) 
   --    Net surplus before taxation and refinancing costs was GBP10.8m (2021: GBP6.0m) 
   --    EBITDA / MRI interest cover (excl. refinancing costs) was 159% (2021: 165%) 
   --    Gearing was 50% (2021: 51%) 

Andy Oldale, Executive Director Finance and Governance commented:

"Despite the tough and uncertain economic climate, YH continues to deliver improved financial performance compared to the same period last year and strengthen our financial position.

I'm proud that our development programme has already delivered 266 new homes during the first 6 months of this financial year, with a pipeline of over 2,000 that will continue to contribute towards the stock of affordable housing in Yorkshire and Humberside. We are well on track to achieve our overall target of 8,000 new homes by 2030.

We have sold 150 shared ownership homes (first tranche) and 35 market sale homes in the first half of the year. Although demand for our new homes for sale (especially through shared ownership) remains strong, the housing market is cooling and there are potential challenges ahead as higher mortgage rates impact buyers. We are well placed to meet these challenges with our range and flexibility of tenures and strong liquidity.

Our customers are facing considerable financial pressure, with high inflation and rising interest rates eating away at real incomes. We continue to provide support to our customers through our Enhanced Tenancy Management teams and this has kept our arrears at a relatively low level. We don't underestimate the pressure that is likely to come over the winter months and will continue to invest in supporting customers with their cost-of-living challenges.

Over the last 18 months we have restructured the funding of YH reducing our cost of finance and improving our interest cover, as well as improving our security headroom. At the same time, we have ensured we have the facilities in place to make the required investment in our existing stock and deliver new housing, whilst also being able to cope with uncertain economic conditions.

We remain committed to being a sustainable organisation and I'm pleased that we published our first report under the Sustainability Reporting Standard for FY 2021/22, which can be found on our website."

http://www.rns-pdf.londonstockexchange.com/rns/5358F_1-2022-11-7.pdf

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November 07, 2022 05:48 ET (10:48 GMT)

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