We’re working hard to tackle the housing crisis.
We’re delivering high quality homes and investing heavily in the maintenance of our existing homes.

We put our residents at the heart of everything we do and have won a number of awards and accreditations. 

This year we took time to analyse the impact of changes to the rent regime and to reflect on the new operating environment.

We’ll continue to develop new homes, provide high quality services to our existing residents, and we won't be borrowing any more than planned.

We'll implement changes to our cost base, the rents we charge, and to our development programme. We'll also continue with our programme of disposing unsuitable assets.

Please contact us if you need any further information.

Efficiency Programme

Over £7 million in annual operating costs will be saved this financial year through our ‘Ways of Working' efficiency programme. We aim to save a further £13 million from our revenue and capital expenditure by 2020/21.

By 2020/21 we'll have an operating margin (excluding all sales) of over 30%, an increase on this year's result of 26%. This is in spite our rental income going down by 1% annually. 

High service delivery is a critical element to our future efficiency programmes. We believe it's possible to deliver a great service for customers and continue to drive up efficiencies. In 2014/15 we had our best year ever, achieving 97% customer satisfaction and an annual surplus of £30m.

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We're continuing our programme of selling unsuitable homes as they become void. Many of these are street properties in London which are expensive for us to maintain and expensive for residents to heat, but have high market values. Our plan is to sell these properties and reinvest the proceeds to build even more homes.
View our developments here.

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Rent Setting

Since 2011 we've been converting Social Rented homes to Affordable Rented homes. This happens only when homes becomes void. In London our Affordable Rented homes are at 60% of the market rent, whilst outside London we set the level at 68%.

In both cases the rent is capped at Local Housing Allowance (LHA)  to make sure they’re affordable to people in receipt of benefits. Subject to approval from the Homes and Communities Agency (HCA) and Greater London Authority (GLA), we’ll be increasing the pace of conversions to include all homes in this programme.

The only exclusions will be on properties where social rent is higher than affordable rent; properties with more than four beds and where we're seeking to decant a property. The annual increase in rents arising from these changes will be around £1.2m by 2018/19.

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Moody's Credit Rating

AmicusHorizon is rated A2 by Moody's Investor Services. In March 2017 Moody’s placed the rating under review for upgrade ahead of the anticipated merger with Viridian Housing, saying:
  • "We expect that the merger with Viridian Housing will improve debt metrics of the combined entity beyond what AmicusHorizon would have achieved on a standalone basis, due to Viridian Housing's historically low level of indebtedness. In FY2018, the first reporting year of the new entity, debt as a percent of assets-at-cost is estimated to be 42%, significantly lower than the 53% registered by AmicusHorizon in FY2016. Furthermore, we expect that the Cash Flow Volatility Interest Coverage (CVIC) of the merged entity will strengthen to over 2x in the next two years, past AmicusHorizon's expected performance on a standalone basis.
  • Moreover, due to a concerted effort to drive more efficiency into its business on a standalone basis, AmicusHorizon, has improved its profitability. The association's operating margin has improved from 21% in FY2013 to 29% in FY2016, driving a material improvement in the Social Housing Letting Interest Coverage (SHLIC) from 0.9x to 1.4x in the same time period. We expect these improvements to be maintained in the merged entity, demonstrated by the forecast 27-29% operating margin, and SHLIC of 1.6x over the next two years, in-line with AmicusHorizon's expected performance on a standalone basis."
AmicusHorizon was initially rated Aa3 in March 2012, when the public bond was first sold. In line with our peers the rating was downgraded once in February 2013 to A1 and again in May 2013 to A2, reflecting Moody’s reassessment of the level of “extraordinary support” from the UK government for our sector. The rating is underpinned by the following factors:

• High proportion of low-risk social-housing letting
• Stable and moderate debt levels, appropriate interest coverage ratios
• Modest capital program supported by a strong liquidity position
• Strong regulatory framework.

Find out more about Moody’s Credit Opinion.

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Secured Bonds

AmicusHorizon launched its debut £150 million bond issue into the capital markets on 6 March 2012 with a coupon of 5.25%. We issued £100 million of bond initially, for settlement on 13 March 2012. The bonds were issued at a spread of 215 bps over the 4.5% 2042 gilt, with an all in yield of 5.362%. The remaining £50 million bonds were sold by AmicusHorizon on 29 July 2013 for settlement on 2 September 2013. The bonds were sold at a spread of 120 bps, with an all in yield of 4.681%.

Our security was re-valued in June 2016, with the valuation showing a surplus of 34% over the required asset cover.

View our AmicusHorizon Bond Security Valuations here:

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Financial Performance

Financial statements and Value for Money (VFM) annual reports are formal reports prepared from accounting records. They describe the financial position and performance of AmicusHorizon.

View our downloadable PDF's of our Financial Statements and Value for Money Annual Reports .

You can also view our latest Trading Update.


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