Investor Portal

Incommunities has enjoyed positive relationships with its funders since transfer in 2003. In 2018/19 Incommunities committed to restructure the Group’s facilities and secure the funding requirements to deliver the “Improving Lives to 2040” strategic objective.

The refinancing allowed Incommunities to:

  • Reduce the overall cost of funding.
  • Increase the average maturity of the debt by refinancing some of the existing debt and providing additional facilities.
  • Diversify the sources of funding.
  • Provide c.£100m of unused facilities (including a £50m retained bond).

This resulted in a more cost effective and diverse funding portfolio.

Read more about us here.

Performance Highlights – 3-Year Summary

3 Year Summary

Statement of Comprehensive Income (£m)

2018-19

2017-18

2016-17

Turnover

98.4

98.5

98.3

Operating Surplus

13.1

14.8

12.9

Surplus for the year

(24.7)*

3.7

(3.6)

* includes one-off refinancing costs of £24.8m.

 

3 Year Summary - Properties

Number of properties

2018-19

2017-18

2016-17

No. of properties

22,088

21,897

21,812

New homes built

122

145

101

 

Investor Updates

VfM Statement

S&P Ratings

Annual Report and Financial Statements

To see our latest Annual Reports and Financial Statements across the Group please click here.

Regulatory Performance

Governance rating – G1. The provider meets the requirements on governance set out in the Governance and Financial Viability standard.

Viability Rating – V1). The provider meets the viability requirements and has the financial capacity to deal with a wide range of adverse scenarios.

(Issued November 2019)

Bonds

On 21 March 2019, Incommunities Treasury Plc issued a 30-year £250m own name public issue dated senior secured bond (the ‘Bond’) at a coupon rate of 3.25%.  The initial offer to the market was for a principal amount of £200m of bonds (the ‘Principal Amount’, the ‘Issued Bond’) with a principal amount of £50m of bonds retained for later issue (the ‘Retained Bond’).  The Issued Bond was priced at 99.184% (the ‘Bond Issue Price’) equivalent to a Discount on Issue of £1,632k (0.816%).  The net funds received were £198.368m (£99.184 per £100 issued).

Investor Contacts

As a valued investor, your primary contacts can be found below:

Greg Robinson, Assistant Chief Executive - Resources (greg.robinson@incommunities.co.uk)

Mark Wood, Director of Financial Services (mark.wood@incommunities.co.uk)