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A2 Dominion has seen its operating surplus grow to £96.1m in the first half of the financial year.
In a trading update for the six-month period to 30 September 2017, the London housing association said its operating surplus was up from £68.4m for the same period last year, even though its turnover had fallen from £213m to £200m.
The figures come just days after the association, one of the largest in London, announced its intention to “form a partnership” with Radian, another London landlord.
The growth in operating surplus comes after 2016/17 saw a 27% fall in its overall surplus.
The association said its improved position was largely due to its share of joint venture profits, an area in which housing associations have been growing more and more active recently.
On its current forecasts, A2 Dominion will build 1,014 homes by the end of the year, exceeding its target of 900. It said that its current committed pipeline amounts to 5,277 units between 2018 and 2023, close to the new target it announced in August of 6,000 homes in five years.
Its treasury position is almost unchanged from where it was at the end of the last financial year, with a total of £355m left to draw down from different loan facilities and £165m invested with a number of counterparties.