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Turnover and surplus down for Great Places
Great Places Housing Group saw both its turnover and surplus fall slightly in 2017/18.
According to a performance update issued to the London Stock Exchange, the 19,000-home landlord generated turnover of £100m, down from £109.4m in 2016/17.
The Greater Manchester-based association made a surplus of £11.8m, down from the previous year’s £12.7m.
However, the update also revealed that the group made a surplus of £4.2m in the first quarter of 2018/19, significantly outperforming its budgeted £2.9m. This was brought about a higher percentage of first tranche sales than the association had budgeted for.
Great Places had £541.8m of drawn debt as of the end of the first quarter (30 June). Undrawn facilities totalled £220.7m, of which £133.9m was secured.
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According to the update, Great Places also met eight out its 11 critical success factors. These include targets around digital customer contact and first-time fixes on repairs.
In June, Great Places was named as one of eight strategic partners for Homes England. Since then, the agency pledged an additional £29m to deliver 750 additional homes over and above the association’s original allocation. Its target is now 2,808 homes by 2022.
Overall, Great Places wants to build 8,000 new homes over the next 10 years.
Housing association financial statements 2017/18
Click on the links below to read more reports about individual associations' financial statements:
A2 Dominion reports £92.5m surplus
Aster sees 12% jump in surplus despite margin drop
BPHA sees surplus jump after shared ownership sales boost
Clarion's surplus falls for second year running
Housing & Care 21 records increased surplus
Metropolitan sees surplus fall due to post-Grenfell costs
Midland Heart records £47.8m surplus
Network Homes surplus dips for the second consecutive year
Notting Hill and Genesis post reduced combined surplus
Optivo sees turnover fall in first results since merger
Orbit surplus boosted by jump in value of private rented units
Paradigm surplus drops after £5.6m loan breakage cost
Places for People boosts surplus to £130m
Southern sees dip in surplus due to pensions and safety costs
Sovereign boosts surplus thanks to open market sales
Stonewater increases surplus by 38%
Swan surplus slides after £3.2m cladding provision
Vivid posts increased surplus post-Merger
