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Great Places increases surplus and turnover
The Greater Manchester housing association Great Places increased its surplus and turnover for the financial year, it has revealed.
In an update ahead of its full accounts for 2018/19, the 19,000-home social landlord said its accounts would show a surplus of £13.2m, up from last year’s figure of £11.8m, and turnover of £109m, an increase from £100m last year.
The surplus was in line with the organisation’s projected figure of £13.1m.
These were increases on the figures for surplus and turnover from the previous financial year, which were £11.8m and £100m respectively.
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In the update, Great Places also revealed that its ‘mark-to-market’ exposure has increased from £43.6m to £44.9m. This is the extent to which a company is exposed to risk from derivatives – complex financial instruments used to hedge against increases in interest rates on variable-rate debt.
Meanwhile, cash balances at the organisation were £59.5m at the end of the year, while immediately available undrawn debt was at £118m, not including a £70m retained bond.
Last week, Great Places announced a “long-term legal partnership” with the 4,600-home landlord Equity Housing Group, although it did not clarify whether or not this was a merger.
In today’s update, it said: “Further information as to the legal format and timing of completion of the partnership will be provided in due course.”
