A financial overview of the Metropolitan Housing Trust (‘MHT’) Group (trading under the brand of Metropolitan Thames Valley ‘MTVH’) following the switch on 31 December 2024 to make Thames Valley Housing Association a wholly owned subsidiary of MHT.
MTVH was formed in October 2018 following the merger of Metropolitan Housing Trust and Thames Valley Housing Association.
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- Stable Confirmed December 2024 (PDF)
Fitch Ratings
Fitch Ratings
MTVH has been rated by Fitch Ratings since 2021 when Metropolitan Housing Trust Ltd Plc issued its debut £250m, 1.99% 2036 bond.
Fitch current rating: A- Stable announced October 2024 (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 | 23/24 | 22/23 | 21/22 | 20/21 | 19/20 |
|---|---|---|---|---|---|
| Turnover | £420m | £388m | £414m | £445m | £465m |
| Operating surplus | £17m* | £109m | £122m | £138m | £127m |
| Operating margin | 4%* | 28% | 30% | 31% | 27% |
| (Loss)/Surplus | (£80m) | £33m | £41m | £61m | £49m |
| New homes delivered | 892 | 657 | 712 | 923 | 1,023 |
| Homes owned, managed or administered | 57,000 | 57,000 | 57,000 | 58,000 | 58,000 |
*After net Building Safety and Non-recurring costs.
Metropolitan Housing Trust
| Key metrics | 23/24 | 22/23 | 21/22 | 20/21 | 19/20 |
|---|---|---|---|---|---|
| Interest cover (EBITDA-MRI) | 1.80x | 1.56x | 1.70x | 1.68x | 1.66x |
| Gearing | 36% | 36% | 37% | 38% | 42% |
Bond issue timeline
2021
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.
2019
Metropolitan Funding Plc sold the £100 million of Retained bonds following a series of fixed income investor presentations and calls.
2015
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
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