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Thirteen provides customers with homes, support and opportunities to grow.
In July 2017, Erimus Housing, Housing Hartlepool, Tees Valley Housing, Tristar Homes and Thirteen Care and Support joined in partnership to create one strong social purpose business called Thirteen.
Our 1,600 colleagues provide services for more than 70,000 customers across Teesside and other areas of the North East, including North Yorkshire, County Durham, and Tyne and Wear.
Our reason for being is to provide good quality homes and support for those in housing need. We provide support for anyone who needs a little help: help to get on the housing ladder, help to pay the rent, help to keep their home in good repair.
As well as property for rent, we have a track record of providing homes for outright sale, shared ownership and deferred sale. By 2024, we also have plans to build 3,300 new homes, investing over £1bn in improving our services, tenants’ homes and their neighbourhoods.
In 2018, Thirteen Homes acquired Gus Robinson Developments to help deliver high quality homes in the region. In addition to delivering homes for sale, Gus Robinson will also deliver affordable housing schemes and specialist housing projects on behalf of Thirteen.
Performance at a glance
Quarter three trading update
- Thirteen completed 378 homes, (372 of which were affordable) in the first three quarters of 2019/20 (2019 Q3: 274)
- Turnover for the year to-date was £137m (2019 Q3: £122.7m)
- Operating surplus for the year to-date was £28.6m (2019 Q3: £38.8m)
- The surplus for the quarter was £21.4m (2019 Q3: £32.9m)
- Following our successful £100m private placement issue in late 2019, Thirteen benefits from a very strong liquidity position with sufficient cash and committed debt facilities to cover the next 49 months financing requirement.
Thirteen delivered a solid operational and financial performance to the third quarter of 2019/20, achieving a surplus of £21.4m for the year to-date against a target of £19.7m.
All VFM metrics are on target or within tolerances to the end of the third quarter, apart from reinvestment % which is 7.6% against an 8.3% target due to lower anticipated development expenditure.
Gearing and EBITDA MRI remain within our Golden Rule parameters, and EBITDA margin is 19.9% forecast to reduce to 17.3% by year end.
During the first half of the year, we completed 378 new homes of which 372 (98%) were affordable homes. We have invested £21.2m in developing new homes and we are on-target to build 431 homes this year.
Our New Homes Delivery team has plans to complete 3,200 homes over the next five years as part of Thirteen’s strategic plan. In 2018/19, the team completed 401 new homes and are on track to deliver 431 this year; 425 affordable homes and six for outright sale.
The team will shortly commence delivery of a five-year strategic partnership with Homes England, delivering 1,000 new affordable homes for rent and shared ownership with a £40m funding allocation. As part of this programme, the team will focus on acquiring sites within the Tees Valley and North Yorkshire and have made significant progress in preparing planning applications on a number of key sites. Alongside this, the team continues to deliver on its SOAHP 16-21 obligations, with schemes on-site in Middlesbrough, Darlington and Stockton and further afield in Morpeth and Whitby.
Outside of the Homes England funded programmes, we continue to strengthen our links with national housing developers and are able to deliver affordable homes on larger sites within the area. These links have strengthened our pipeline of development opportunities which continues to grow as we look to explore not only in our core areas in Teesside but further afield too.
Housing fixed assets stand at £975.7m an increase from £959.5m at the start of the year. Net debt is £257m and available cash and committed liquidity facilities of £219.1m at the end of the quarter
Find more details about Thirteen's £100m private placement deal.