TIDM94DD
RNS Number : 1144N
Catalyst Housing Limited
28 September 2021
Catalyst Housing Limited Annual Report
28 September 2021
Catalyst Housing Limited today announces the publication of its
financial statements for 2020/2021, alongside our inaugural ESG
Report. These can be accessed via the following links:
https://www.chg.org.uk/about-us/investor-information/financial-performance/
https://www.chg.org.uk/about-us/efficiency-and-transparency/esg-and-sustainability-reporting/
Highlights
Financial performance
In a uniquely challenging year, Catalyst's financial performance
has remained strong with growth in both turnover (GBP298.2 million)
and operating surplus (GBP67.4 million).
Our EBITDA MRI interest cover at 124% has improved, alongside a
social housing operating margin at 30% and gearing at 41%, backed
by GBP3 billion of assets (NBV).
During the year, we built upon our strong liquidity position,
raising GBP150 million through a tap issue of our existing 2047
bond and signing a second sustainability-linked loan.
This has underpinned our ability to support principal cash
outflows of GBP123 million in new development and existing assets,
making sure our customers can enjoy safe and sustainable homes.
This includes fire safety measures for our properties. We
prioritise the safety of our customers and have been successful in
securing GBP34 million in government grant to date to support the
completion of these works.
We delivered 305 new homes in the year ended March 2021, winning
a total of four design awards and achieving an impressive 93%
customer satisfaction score for new homes. Staying true to our
purpose, 87% of the new homes delivered were social tenures.
Sustainability
Sustainability continued to be at the heart of what we do and
this year we focussed on making sure that we both continued to rise
to new challenges and also considered how we demonstrate to our
partners what this means at Catalyst.
In November 2020, Catalyst became the first company in Europe to
receive the highest accreditation mark across all three categories
in the 'Certified Sustainable Housing Label' from the Ritterwald
consultancy - a testament to our ongoing commitment to
sustainability in all its forms and, while Covid has brought public
health issues to the fore, bringing attention to the importance of
proper housing and community support, the ongoing climate emergency
also remains a priority.
That's why our recently published sustainable finance framework
(July 2021), supported by a second party opinion (SPO) from imug
rating, sets out our commitment to use new funding to deliver more
affordable housing, improve the energy efficiency of our homes, and
continue to invest in improving the lives of customers and their
communities.
We're also proud to be launching our first ever report under the
sector's sustainability reporting standard. This demonstrates how
sustainability runs through all our corporate objectives and
contributes to the successful delivery of our purpose, vision, and
values.
We also achieved recognition for our new development and
regeneration schemes (such as the Evening Standard's New Homes
Award for our Southall Village development which won the Best
Regeneration Initiative), and we retained our SHIFT (Sustainable
Homes Index for Tomorrow) Gold accreditation, this being the first
time the accreditation covered all Catalyst's newly merged assets
and activities. We were recognised in the Hertfordshire Care Awards
for our outstanding achievements during the Covid-19 pandemic.
Merger
On 1 April 2021 Rosebery and Catalyst merged, this seeing the
Group grow from 34,000 to 37,000 homes, with complementary
geography and ethos. Both organisations have a great heritage and
an aligned social purpose. The combined organisation will use its
assets and talent to provide a greater customer experience, well
designed homes that people need and want, and create great places
to live.
On 30 July 2021 Catalyst announced plans to merge with Peabody,
becoming a subsidiary in 2022, subject to all relevant approvals
and consents being achieved, before joining together as an equal
partner in 2023.
Ian McDermott, Chief Executive said,
"Social purpose was sewn into the fabric of our organisation
from the very beginning. Today, we call this commitment
Environmental, Social and Governance (ESG) and from those now
distant beginnings, our ESG credentials have continued to evolve
and to flow through every part of our business.
"This year we've continued to crystallise our five key corporate
objectives which manifest our purpose, vision and values: to get
closer to customers and deliver great services, to build more
quality homes, to be safe and sustainable, to invest in our people
and define our culture, and to revolutionise our data and
technology.
"It has been the most extraordinary year, prompting the world to
focus on what really matters. Our sustainability credentials have
never been more important and our commitment to continue
strengthening and evolving our ESG ethos can only be delivered from
a stable financial platform. Catalyst has demonstrated significant
financial resilience against an unprecedented backdrop continuing
to deliver our purpose: homes people love."
A copy of the financial statements has been filed with the
National Storage Mechanism via the FCA Electronic Submission
System.
ENDS
This update may contain certain forward-looking statements
reflecting, among other things, our current views on markets,
activities and prospects. 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.
For further information, please contact:
Michaela Booth 07834 106257
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