The Group generated a surplus for the year of £1.5m (2019: £2.9m) at an operating margin of 37% (2019: 43%). The decline in the surplus is predominately due to the inclusion of a £0.9m provision related to a property requiring extensive fire safety remedial works and a reduction in the surplus generated from property sales, being £0.5m lower than in the previous year.
Turnover from first tranche and open market property sales was £3.3m (2019: £1.9m) and generated a margin of 15% (2019: 19%). The Board had recognised the slowdown in the housing market and as a result sold a land holding in the year to reduce the Group’s exposure to open market sales. Excluding the land sale, the margin on first tranche and open market property sales was 23%.
The combined effect of the sale of the land holding, at a breakeven value, and the £0.9m provision explains the reduction in the operating margin.
At the year end, the Group had committed debt funding of £273m. Available liquid resources of £50m (cash holdings of £12m and undrawn loan facilities of £38m) are sufficient to meet the Group’s committed expenditure. The Group’s drawn debt has limited refinancing risk with only 20% of the Group’s debt maturing within the next ten years. The undrawn loan facility of £38m is committed until 2025. At the year end, Hastoe Capital plc held £50m of retained bonds.
Financial report and statements
Our latest financial report and statements can be viewed or downloaded below.
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Financial Report And Group Financial Statements Year Ended 31 March 2020
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Financial Report And Group Financial Statements Year Ended 31 March 2019
Size: 969Kb Type: PDF