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Our financial results

Welcome | Delivering quality services | Being efficient | Building more homes

Our financial performance is strong. Our underlying surplus was £98.4m in 2016/17, an increase of £2.7m from the year before, a significant proportion of which came from stock transfers (£24.1m) and outright sales (£44.1m).

We proudly generate surplus to reinvest in our core business of providing affordable homes and landlord services to help tackle the housing crisis in London and the south east. In each of the last five years, our average annual investment in improving homes, building new ones and in landlord services has been double that of our surplus.

We continued to make efficiency improvements in all areas of the business. We aspire to be a brilliantly run social business, so have taken some tough decisions this year as we continue spend every penny wisely.

Read and download our financial statement 2016-17

 

  • Operating margin

    Our operating margin was 30.9% in 2016/17, a fall of 1.5% on the year before. The surplus we generate allows us to cover our day-to-day running costs and interest payments on borrowing, without relying on sales.

  • Overall cost per social housing unit

    The overall cost per home, including management costs, service charges, maintenance and major repairs, was £3,906 in 2016/17, compared to £3,653 in 2015/16, an increase of £253. The key reason for this was a rise in service charge costs, as we brought our service charge processing up-to-date, as well as increases in maintenance costs, driven by high spending on voids and responsive repairs.

  • Housing management costs

    Housing management costs fell to £745 per home in 2016/17, as a result of efficiency savings generated by our stock rationalisation strategy, which has seen us reduce the number of local authority areas in which we operate from 74 to 62.

  • Rent collected

    We collected 99.6% of the rent we charged in 2016/17 compared to 96.3% the year before, as result of better income management.

 

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