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A2 Dominion has corrected a £50m error in the six-month financial update that it issued last week.
The 36,000-home association has issued a correction to the stock market, changing key figures in its statement of comprehensive income.
As Inside Housing reported last week, A2 Dominion released an update on its financial performance for the six months to 30 September 2017 indicating a 40% increase in its surplus.
The association, one of the largest in London, has now clarified that its surplus increased by only 21%, from £60.4m in the same period last year to £73m. Its turnover – previously reported as £200m – was in fact £150m.
According to A2 Dominion, the other figures in its update were correct and it is still forecasting that it will build 1,014 units by the end of the year, with a committed pipeline of 5,277 between 2018 and 2023.
A spokesperson for A2 Dominion told Inside Housing: “We’ve issued the correction due to an administrative error but are nonetheless pleased with our half-yearly performance results, which demonstrate that we’ve delivered a strong financial and operational performance for this period.”