Guinness Partnership The Limited — The Guinness Partnership Limited Half Year Results

(LSE:BB26) The Guinness Partnership Limited reported H1 turnover of £263.1m, representing an increase of 0.5%. Operating surplus for the period was £70.2m, which is up £9.8m compared to the prior period. The operating margin reached 26.7%, up from 23.5% previously. Total surplus for the half year was £26.3m, and the net margin was 10.0%. EBITDA-MRI interest cover stood at 110.3%, while interest cover was 197%. The group's gearing ratio was 46.3%. Available liquidity at the end of the period was £870m, including cash of £56.7m. The group also secured £215m of additional loan facilities. Investment in existing homes during the period totaled £106.8m, and £78.8m was invested in new homes. During the half year, 45 new homes were completed and 54 new homes were started, with 2,438 homes under construction at period end. The group noted that development activity slipped during the period. The group's credit ratings were S&P A-/negative and Moody’s A3/stable. The Regulator consumer grading was C1, with G1/V2 maintained.