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

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- (Stable) Affirmed December 2021 (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.


Key Metrics 20/21 19/20 18/19
Turnover £445m £465m £411m
Operating surplus £137.7m £127m £149m
Operating margin 30.9% 27% 36%
Surplus £61m £49m £6m
New homes delivered 923 1,023 1,037
Homes owned, managed or administered 58,000 58,000 57,000



Key metrics 20/21 19/20 18/19
Interest cover (EBITDA-MRI) 1.68x 1.66x 1.73x
Gearing 38% 42% 42%


Bond issue timeline


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.


Metropolitan Funding Plc sold the £100m 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 £250m Bond maturing 2048 at a coupon of 4.125%, with initially £100m 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

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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