· L&Q has completed 1,763 residential units (2019 Q3: 1,997) · Turnover was £689m (2019 Q3: £638m) · EBITDA · EBITDA margin · EBITDA margin (excluding sales) · Gross sales margin · Net sales margin · EBITDA / interest cover · EBITDA social housing lettings interest cover
7 was 206% (2019 Q3: 130%) · Operating surplus was £270m (2019 Q3: £215m) · Debt to assets · Sales as a % of turnover
10 was 38% (2019 Q3: 44%)
Our Q3 results provide us with the confidence to improve our forward guidance metrics for the financial year ending 31 March 2021. We expect EBITDA to be in a range of £325m to £350m (Q2: £300m to £325m) and net debt to be in the range of £5.6bn to £5.7bn (Q2: £5.8bn to £5.9bn). Our revised projections reflect stronger than expected operational performance during the Covid-19 pandemic, particularly in relation to completions, sales and rent arrears. Our proje