TIDM54XE
RNS Number : 5546D
A2Dominion Housing Group Ltd
20 October 2022
Publication of Annual Financial Statements 2022
A2Dominion Housing Group Ltd has today published its Annual
Report & Accounts for 2021/22, recording a turnover of GBP465.8
million and a net surplus of GBP42.1 million.
The full audited financial statements can be found on our
website:
https://www.a2dominiongroup.co.uk/about/reports-and-accounts
A2Dominion has seen a return to delivering a strong underlying
operating surplus whilst still increasing investment in maintenance
and safety. This net surplus of GBP42.1 million is an increase of
GBP35.7 million from the prior year on the back of an increase in
turnover of over 50%. The Group has continued to invest in the
maintenance and safety of its homes, spending a total of GBP64.6
million in the year on its responsive, planned and major repairs
programmes.
971 new homes were completed this last year, against a target of
953, despite the challenges in construction, materials, and labour
shortages, with over half being affordable tenures.
The last year also saw the Group maintain its A credit rating
with Fitch. The business also maintained a regulatory rating of
G1/V2 confirmed via an In-Depth Assessment.
A2Dominion Group's E xecutive Director (Central & Financial
Services) and Deputy Chief Executive , Anne Waterhouse, said: " We
continue to show clear financial resilience, which means we can
attract the investment needed to maintain our existing homes,
alongside our new homes programmes. The current external economic
environment creates challenges for our organisation and our
customers, so our focus is on this financial resilience, and that
our customers are safe and secure in their homes."
Overall, the Group now manages over 39,000 homes across London
and southern England, with 3,300 homes in the development pipeline.
All profits generated by the Group are reinvested into supporting
its social purpose providing new homes and continuing to invest in
existing homes and services.
Other achievements set out in the Annual Report include:
Deliver customer-led services for residents and communities
-- Customer satisfaction of 81.9% ahead of a target of 81.5%
-- How easy we are to deal with: we achieved a score of 3.8
against a target of less than 3.9, and better than the national
benchmark of 5.2 (lower scores mean lower effort and so are more
positive)
-- Generated GBP11m in social value, 37% higher than our target
of GBP8m. This value is calculated using a method developed by the
Housing Associations' Charitable Trust to measure the unseen
societal positive impact of the services we provide for the benefit
of our communities.
-- Won a TPAS award for 'Excellence in Engagement in Support and
Care' for our supported living scheme, Bramlings House
Protect and grow our business
-- Regulatory rating of G1/V2
-- Maintained our A credit rating with Fitch
-- 81% employee engagement score
-- Launched our second Environmental, Social and Governance report
Provide new high-quality homes and places
-- 971 new homes completed
-- 540 homes started on site
-- 3,300 homes in development pipeline
-- 87% of new home customers would recommend us to others
-- Continued partnership to help deliver the Greater London
Authority's (GLA) Affordable Homes Programme
Effectively manage our existing homes and places
-- 88% satisfaction with responsive repairs services, above our
target of 85% and in line with the 88% reported last year
-- Low rent arrears of 3.3%
-- GBP960,000 allocated to reduce carbon pollution - to be increased to GBP1.7m in 2022/23
-- 80,000+ responsive repairs carried out through our
contractors and our joint venture partnerships
Summary Financial Performance
GROUP STATEMENT OF COMPREHENSIVE 2022 2021
INCOME AND EXPENDITURE
GBPM GBPM
Turnover 465.8 303.3
Cost of sales (181.6) (44.1)
Operating costs (213.0) (207.2)
Surplus on sale of fixed assets 13.3 7.3
Share of jointly controlled
entity operating profit 9.2 19.1
Operating surplus 93.7 78.4
Operating margin 20.1% 25.8%
Net interest charges (65.5) (64.8)
Change in fair value of investments 8.4 0.8
Movement in fair value of financial
instruments 2.7 2.3
Movement in fair value of investment
properties 10.7 (9.4)
Taxation (6.4) 0.7
Non-controlling interest (1.5) (1.6)
Net surplus for the year 42.1 6.4
GROUP STATEMENT OF FINANCIAL 2022 2021
POSITION restated
GBPM GBPM
Tangible fixed assets and investments 3,643.9 3,600.8
Current assets 420.9 434.9
Creditors including loans and
borrowings (1,952.6) (1,980.6)
Deferred capital grant (1,070.8) (1,081.3)
Non-controlling interest (1.7) (1.6)
Total reserves 1,039.7 972.2
A copy of the Annual Financial Statements has also been
submitted to the National Storage Mechanism and will shortly be
available for inspection:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
For further information, please contact:
Ellie Lodge
A2Dominion Housing Group
The Point
37 North Wharf Road
London W2 1BD
Tel: 07860 411202
Email: ellie.lodge@a2dominion.co.uk
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END
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