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.

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 2018/19 2019/20
Turnover £411m £465m
Operating surplus £149m £127m
Operating margin 36% 27%
Surplus £6m £49m
New homes delivered 1,037 1,023
Homes owned, managed or administered 57,000 58,000

Metropolitan Housing Trust

Key metrics 2018/19 2019/20
Interest cover (EBITDA-MRI) 1.73x 1.66x
Gearing 42% 42%


View MTVH Annual Report 2020 (PDF)

Bond issue timeline


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

£100m retained bond – Feb 2019  (PDF)


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.

Bond prospectus – MHT Oct 2015 (PDF)

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