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.
Financial Report And Group Financial Statements Year Ended 31 March 2020Size: 1004Kb Type: PDF
Financial Report And Group Financial Statements Year Ended 31 March 2019Size: 969Kb Type: PDF
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In line with our commitment to being open and transparent, we publish details of all our development expenditure in excess of £500.
The Hastoe Group complies with the principal recommendations of the NHF Code of Excellence in Governance 2015.