TIDM94DD
RNS Number : 9162U
Catalyst Housing Limited
04 August 2022
Peabody Group incorporating Peabody Capital Plc, Peabody Capital
No.2 Plc, and Catalyst Housing Limited
Peabody and Catalyst have today announced their results for the
year to 31 March 2022, the last period before the two organisations
joined together on 1 April 2022. The results reflect the joining
together of two financially strong organisations. Together, the
organisations are well placed to ensure the Peabody Group scales up
its positive impact even further from April 2023.
The new organisation will focus on getting the basics right,
including providing an effective repairs service, investment in
homes, and it will introduce a new locality model to get closer to
its customers and provide simple and easy access to services. By
joining together, the group will also be able to go further and
faster on building safety and sustainability, and continue to
invest in placemaking, communities, and care and support
services.
The group continues to be a strong investment proposition,
holding an A3 rating from Moody's and an A- rating from S&P
Global. The organisation is a G1/V2 rated entity by the Regulator
for Social Housing.
Peabody
Peabody Group generated a pre-tax surplus for the year of
GBP169m which was fully invested. Total turnover was GBP664m, with
an operating margin of 32% and a social housing margin of 30%.
Peabody increased its investment in existing homes to GBP113m
including GBP40m on building safety work taking cumulative capital
spend in the last four years to GBP124m. This represents
significant progress in the risk-based programme which continues to
be a principal focus for the Group.
Peabody invested GBP355m in new homes, with 1,669 starts on site
and 866 completions. Seventy-four per cent of these were for
affordable tenures. Completed new homes included the award winning
130 homes at Southmere in Thamesmead alongside a new library and
community building. The "whole place" approach to managing and
growing the town for the long-term saw continued investment in the
public realm and natural environment in 21/22, as well as the
growth of community-led influencers and networks to co-design and
deliver activities locally.
Peabody issued its first sustainability bond for GBP350m in
March 2022, allowing further investment in energy efficient new
homes and improvements to existing homes. Several sustainability
linked loans were also completed throughout the year. In total,
Peabody has available debt funding of GBP4.6bn, with 38% gearing
and access to a further GBP2.7bn of unused property security.
Catalyst
The Catalyst Group generated a pre-tax surplus for the year of
GBP171m including GBP125m being the non-cash gain arising from
Rosebery Housing Association joining the Group from 1 April 2021.
Total turnover for the year was GBP299m, whilst the social housing
margin was 28%.
Catalyst invested GBP128m in new homes, GBP28m in its existing
homes, and GBP3m in the community foundation.
Catalyst completed 569 new homes during the year of which over
90% were affordable tenures. The completed new homes included The
Etch at the Printworks in Dunstable, Bedfordshire that won best
shared ownership home at the Evening Standard Awards.
Catalyst had available debt funding of GBP1.8bn, with 41.5%
gearing and access to a further GBP1bn of unused property
security.
Other matters
Peabody and Catalyst remained at the forefront of ESG within the
sector during the year and they continue to strengthen their
credentials. The group delivered its first reports under the
Sustainable Reporting Standard for Social Housing, which they were
instrumental in developing. They both also hold frontrunner status
through the Ritterwald Certified Sustainable Housing Providers
label.
Peabody's average weekly rent is GBP122 per week, reflecting an
annual subsidy of GBP20m against target rents. Rents were GBP478m
lower than market rents last year which is a significant
contribution to the social and economic circumstances of people
living in Peabody neighbourhoods.
Catalyst's new wellbeing team received almost 2,500 referrals
during 21/22, supporting people with their mental and physical
health, tackling loneliness and isolation, and helping to develop
skills, employment and training opportunities. The team also helped
customers reduce rent arrears by over GBP100,000 during the
year.
Peabody Group's Chief Financial Officer, Eamonn Hughes said
"This is a strong set of financial results that allows us to
progress in bringing together two financially robust organisations
with confidence, delivering on our shared objectives to make a
positive impact for people in London and the home counties.
"This is a challenging environment for our customers and us,
with rising costs, and competing demands for investment. With a
flexible approach, we have responded to difficult market conditions
and focused our resources accordingly.
"We have been working hard to maintain our performance which has
allowed us to increase investment in existing homes, whilst
continuing to build much needed new homes, regenerate places, and
support our residents. We are continuing investment in our
communities, helping people prosper and flourish with tailored
support, programmes and partnerships. We have also expanded our
energy advice services and action to improve the energy efficiency
of our homes for the long-term."
For more information contact: Benjamin Blades, Assistant
Director of Corporate Affairs, Peabody at
Benjamin.Blades@peabody.org.uk or Anthony Marriott, Director of
Treasury & Corporate Finance, Peabody at
Anthony.Marriott@peabody.org.uk
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END
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