Investor Portal (S&P Rating: A+/Stable/--)
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
Statement of Comprehensive Income (£m) |
2019-20 |
2018-19 |
2017-18 |
Turnover |
101.4 |
98.4 |
98.5 |
Operating Surplus |
26.0 |
13.1 |
14.8 |
Surplus for the year |
14.4 |
(24.7)* |
3.7 |
* includes one-off refinancing costs of £24.8m.
Number of properties |
2019-20 |
2018-19 |
2017-18 |
No. of properties |
22,991 |
22,088 |
21,897 |
New homes built |
113 |
122 |
145 |
Investor Updates
- Coronavirus update via our latest news page here
- 2019/20 Interim Update
- 2020/21 Interim Update
VfM Statement
S&P Ratings
Annual Report and Financial Statements
To see our other Annual Reports and Financial Statements across the Group please click here.
Regulatory Performance
Governance rating – G2. The provider meets the requirements on governance set out in the Governance and Financial Viability standard but needs to improve some aspects of its governance arrangements to support continued compliance.
(Issued October 2020)
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).
- Bond Prospectus
- Press Release https://www.incommunities.co.uk/news/incommunities-in-successful-bond-issue-822
- Fixed Income Investor Presentation December 2020
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)