Investor relations

Financial overview

A financial overview of the Thames Valley Housing Association Group (trading under the brand of Metropolitan Thames Valley ‘MTVH’).

MTVH was formed in October 2018 following the merger of Metropolitan Housing Trust and Thames Valley Housing Association.

S&P Global Ratings

A- S&P Global Ratings

S&P Global Ratings

MTVH has been rated by S&P Global Ratings since 2015 when Metropolitan Funding Plc issued its debut £250m, 4.125% 2048 bond.

S&P current rating: A- (Negative) Reaffirmed December 2022 (PDF)

Key financial metrics

MTVH has significant stock holdings in London and the South East, in East Anglia (near Cambridge), and in the East Midlands (centred in Nottingham and Derby).

In addition to the ownership and management of its rented portfolio, MTVH is also known as a market leader in the sale of Shared Ownership homes, as well as in the provision of high-quality Care and Support services.

Group overview

Key Metrics 22/23 21/22 20/21 19/20
Turnover £388m £414m £445m £465m
Operating surplus £109m £122m £138m £127m
Operating margin 28% 30% 31% 27%
Surplus £33m £41m £61m £49m
New homes delivered 657 712 923 1,023
Homes owned, managed or administered 57,000 57,000 58,000 58,000


Metropolitan Housing Trust

Key metrics 22/23 21/22 20/21 19/20
Interest cover (EBITDA-MRI) 1.56x 1.70x 1.68x 1.66x
Gearing 36% 37% 38% 42%


Bond issue timeline


Metropolitan Housing Trust Limited established a new EMTN Programme, and issued £250 million of bonds following a series of fixed income investor presentations and a Group Investor Call.


Metropolitan Funding Plc sold the £100 million of Retained bonds following a series of fixed income investor presentations and calls.


Metropolitan Funding Plc (a wholly owned subsidiary of the then Group Parent, Metropolitan Housing Trust Limited) issued a £250 million Bond maturing 2048 at a coupon of 4.125%, with initially £100 million Retained.

MTVH annual corporate calendar

February Release of RNS Q3 Unaudited Group Results
31 March Corporate year end
May Release of RNS Unaudited Group Results
July/August Release of Audited Statutory Reports
September Release of RNS Q2 Unaudited Group Results
December Update on annual S&P Rating Review

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