Investor relations

At Thirteen, we're a landlord and housing developer providing homes for rent and sale throughout North East England. We manage 34,000 properties from Northumberland to York, with the majority of homes for rent and sale in Teesside.

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

Latest performance

Quarter four trading update

Highlights

  • Thirteen completed 419 homes, (413 of which were affordable) in 2019/20 (2019: it was 401 homes)
  • Turnover for the year was £185.2m (2019: £180.3m)
  • Operating surplus for the year was £41.6m (2019: £34.4m)
  • The surplus for the year was £25.4m (2019: £23.1m)
  • Thirteen benefits from a very strong liquidity position with sufficient cash and committed debt facilities to cover the next 46 months financing requirement.

Performance update

Thirteen delivered a solid operational and financial performance to the fourth quarter of 2019/20, achieving an operating surplus of £41.6m for the year against a target of £40.2m. After the transfer and revaluation of vacated office premises as investment property, overall surplus is £25.4m against a target of £29.1m.

Most VFM metrics are on target or within tolerances to the end of the year, apart from reinvestment %, new supply of non-social housing units, and return on capital employed which are slightly below budget.

Gearing and EBITDA MRI remain within our Golden Rule parameters, and EBITDA margin is 16.1%.

During the year, we completed 419 new homes of which 413 (98.6%) were affordable homes. We have invested £34.9m in developing new homes in 2019/20.

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 2020/21, the team plans to deliver 506 new homes: 486 affordable homes and 40 for outright sale. Delivery against this target will depend on the pace of work on-site with Covid-19 social distancing and safety measures.

The team has commenced 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. The team has made significant progress, with imminent starts on-site for over 200 affordable units and planning applications being finalised 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 £1.10bn an increase from £1.05bn at the start of the year.  Outstanding debt is £337.6m and available cash and committed liquidity facilities are £210.4m at the end of the year.