Investor relations
Financial overview
The Thames Valley Housing Association Group (trading under the brand of Metropolitan Thames Valley ‘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) Affirmed December 2020 (PDF)
Key financial metrics 2020
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 | 18/19 | 19/20 | 20/21 |
| Turnover | £411m | £465m | £445m |
| Operating surplus | £149m | £127m | £137.7m |
| Operating margin | 36% | 27% | 30.9% |
| Surplus | £6m | £49m | £61m |
| New homes delivered | 1,037 | 1,023 | 923 |
| Homes owned, managed or administered | 57,000 | 58,000 | 58000 |
METROPOLITAN HOUSING TRUST
| Key metrics | 18/19 | 19/20 | 20/21 |
| Interest cover (EBITDA-MRI) | 1.73x | 1.66x | 1.68x |
| Gearing | 42% | 42% | 38% |
Bond issue timeline
2021
Metropolitan Housing Trust Limited established a new EMTN Programme, and issued £250m of bonds following a series of fixed income investor presentations and a Group Investor Call.
2019
Metropolitan Funding Plc sold the £100m 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 £250m Bond maturing 2048 at a coupon of 4.125%, with initially £100m Retained.
MTVH annual corporate calendar
Get in touch
Donald McKenzie
Director of Corporate Finance & Deputy Company Secretary
The Johnson Building, 77 Hatton Garden, London, EC1N 8JS
0203 535 4434
07738 714126
Expect to receive a response to emails within 2 working days.
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