38EO Metro Fund. 48

TIDM38EO

RNS Number : 9519O

Metropolitan Funding PLC

12 February 2021

Metropolitan Funding PLC

Thames Valley Housing Association (TVHA) trading update and unaudited consolidated financial results for the nine months ended 31 December 2020

TVHA, one of the UK's leading providers of affordable housing and care and support services, announces a trading update for the third quarter of the financial year 2020/21.

Highlights

   --    Revenues up 7.3% compared with equivalent period last year at GBP345.8m (2019: GBP322.3m). 

-- Operating surplus of GBP108.1m (Q3 2019: GBP104.7m) and a total surplus of GBP53.3m (Q3 2019: GBP49.2m).

   --    Arrears performance of c.5.39% (December 2019 c.5.26%) despite the impact of Covid-19. 

-- Improved liquidity position with GBP853m (December 2019: GBP596m) of available cash and facilities.

-- Strong cash performance generating GBP165m more cash from operations and investing activities in the period.

-- Strong sales with 416 (Q3 2019: 451) units completed ytd. We have reduced our stock of completed homes during 2020 and are well positioned to face future market challenges.

Outlook

This outlook statement is subject to the continued uncertainty/unforeseen business interruption that might be caused by the pandemic and future government measures as well as an economic environment that remains challenging in 2021, and beyond.

The core housing business continues to perform well with most services to customers being maintained despite the impact of Covid-19. Total revenue is expected to be slightly lower than last year notwithstanding a strong sales performance for the year to date. Operating surplus is in line with our pre-Covid expectations and is expected to show a full year improvement consistent with the experience of the first 9 months.

Customer safety is our top priority and MTVH has, along with others in the sector, prioritised improvements to the highest risk blocks in our existing estate while reining back some of our new development plans to ensure affordability.

Liquidity management remains a key focus and during the year we have improved our liquidity position through new sources of funding (c GBP275m) and improved cash generation (GBP165m).

TVHA will report results for the year ended 31/03/21, trading as Metropolitan Thames Valley, in summer 2021.

Enquiries

Please contact Donald McKenzie, Director of Corporate Finance, on 0203-535-4434/ 07738-714126 or at donald.mckenzie@mtvh.co.uk

This information for investors is also available on our website:

https://www.mtvh.co.uk/about-us/investors/

Disclaimer

The information in this announcement of unaudited consolidated interim results has been prepared by the Thames Valley Housing Association group and is for information purposes only.

The unaudited results announcement 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.

This unaudited results announcement contains certain 'forward-looking' statements reflecting, among other things, our current views on markets, activities and prospects. By their nature, forward looking statements involve a number of risks, uncertainties or assumptions that could cause actual results to differ materially from those expressed or implied by those statements. Actual outcomes may differ materially. Such statements are a correct reflection of our views only on the publication date and no representation or warranty is given in relation to them, including as to their completeness or accuracy or the basis on which they were prepared. Financial results quoted are unaudited. We do not undertake to update or revise such public statements as our expectations change in response to events. Accordingly undue reliance should not be placed on forward looking statements.

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