Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

AmicusHorizon Fin (20SY)

  Print      Mail a friend

Tuesday 14 November, 2017

AmicusHorizon Fin

OPTIVO Half Yearly Financial Report 30 Sept 2017

RNS Number : 4355W
AmicusHorizon Finance PLC
14 November 2017
 

OPTIVO TRADING UPDATE

On 22 May 2017 AmicusHorizon Finance Plc's parent company, AmicusHorizon Ltd, amalgamated with Viridian Housing to form Optivo. Both AmicusHorizon Finance Plc and Optivo are rated A2 by Moody's.

This is an unaudited trading update for Optivo for the six months ended 30 September 2017 ("H1 2017/18").

Highlights

Comparators in this trading update are the unaudited proforma sum of results for AmicusHorizon and Viridian for the first half of the previous financial year ("H1 2016/17").

·     Turnover £159m (H1 2016/17 £161m)

·     Operating surplus £64m (H1 2016/17 £66m)

·     Surplus before tax £44m (H1 2016/17 £45m)

·     Operating margin 31% (H1 2016/17 35%)

·     Net interest costs £20m (H1 2016/17 £22m)

The government announcement of rent certainty for five years from 2020, at CPI+1%, is welcome. The inflation link in rents is a key component of our business model and government recognition of this is reassuring.

Our focus at present is on operational integration. We expect all core IT systems to be integrated by Summer 2018. Our leadership team is in place and staff restructures are commencing.

At the point of amalgamation we restructured £800m of bank loans to align covenants and release capacity for investment in new homes. Our development programme is now expanding to take advantage of this capacity, bolstered by Strategic Partner status with the GLA

Operations

At the end of September 2017 our strategic KPI performance was as follows:

·     We're achieving a net promoter score of 65 for resident satisfaction (annual target: 50)

·     We helped 408 people into jobs and training (September target: 436)

·     29% of residents are using our services online (September target: 31%)

·     We're forecasting an end of year operating margin of 29% (annual target: 29%)

·     83% of staff feel proud to work for Optivo (annual target: 70%)

·     74% of staff say Optivo is a great employer (annual target: 70%)

For our core business of General Needs, Supported Housing and Housing for Older People operational income KPIs for Optivo were as follows. Comparators given are to AmicusHorizon at the end of March 2017.

·     At the end of September 2017

Total rent arrears were £7.9m, or 3.52% of annual rent debit (Mar 17: £4.4m, 3.31%)

Rent arrears of 0 to 4 weeks were £3.1m or 1.36% (Mar 17: £1.9m, 1.49%)

Rent arrears of 5 to 6 weeks were £0.8m or 0.36% (Mar 17: £0.4m, 0.34%)

Rent arrears of 7 to 12 weeks were £1.6m or 1.73% (Mar 17: £0.9m, 0.67%)

Rent arrears of 13 weeks or more were £2.4m or 1.07% (Mar 17: £1.1m, 0.81%)

·     In the financial year to 30 September 2017 the average time to re-let vacant property, excluding voids for major works, was 26 days. For the full year 2016/17 the AmicusHorizon equivalent time was 15 days.

Investment and Sales

At 30 September we were in contract to deliver 1,819 homes across 51 sites, with remaining capital commitments on these sites of £321.1m. We completed 144 homes in the half year and expect to complete 691 homes by end of March 2018. We had 39 unsold Shared Ownership 1st tranche properties, and 3 open market sale unsold units.

Liquidity

At the end of the half year we had available undrawn facilities of £225m and £58m cash and deposits available. Our outstanding debt balance was £1,030m.

Unaudited Financial Results

Unaudited financial results for H1 2017/18 are below, together with comparatives for H1 2016/17 and the full year 2016/17.  

Statement of Consolidated Income

 

H1 2017/18

(£m)

H1 2016/17

(£m)

2016/17
(£m)

Turnover

159

161

347

Cost of Sales

(9)

(8)

(23)

Operating Expenditure

(100)

(96)

(203)

Surplus on disposal of fixed assets

14

9

29

Operating Surplus

 

64

66

150

Surplus on commercial property disposals

-

-

1

Interest receivable

1

1

1

Interest and financing costs

(21)

(22)

(44)

Fair value movements

-

-

1

Surplus before taxation

44

45

109


Notes:

·     The half year figures exclude movements in the fair value of investment properties, movement in the fair value of financial instruments, pensions adjustments, and the unwinding of impairments previously taken. These items are reviewed as part of year end accounting processes.

·     Full year 2016/17 results included one-off acquisition gains of £21m arising from accepting a transfer of engagements from Southwark and London Diocesan HA and the St Martin's Estate (Lambeth) stock transfer.

Loan restructures in May 2017 have caused accounting hedging relationships with standalone swaps to be broken, though the economic hedging relationships remain. Our full year 2017/18 accounts will show the full balance of the hedge reserve unwinding through the Statement of Consolidated Income into the income and expenditure reserve.

Proforma

To aide investors in analysing Optivo, during August we published a non-statutory and unaudited set of financial statements for Optivo as the combined financial statements of AmicusHorizon Ltd and Viridian Housing. This can be found on the investors' section of our website.

Next Update

We will publish a full year financial update after 31 March 2018.

Contact

Tom Paul, Director of Treasury & Risk on 0208 726 8763 or [email protected].  

Further information is available on our website https://www.optivo.org.uk/about-us/Investors.aspx.

Disclaimer

This update contains 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.  Financial results quoted are unaudited.  No reliance should be placed on the information contained within this update. We do not undertake to update or revise such public statements as our expectations change in response to events. This update is neither recommendation nor advice. This is not an offer or solicitation to buy or sell any securities.


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
NRAKZLBFDFFLFBX

a d v e r t i s e m e n t