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Our financial results

Welcome | Delivering easy to use landlord services | Increase homes in management

We are possibly in the best financial position in our 50 years. Our development programme, with a target of building 1,500 homes a year for the next five years, is fully-funded and we are confident we can withstand tough economic conditions in the future. 

Overall, our turnover increased by 8% from £315.7m to £339.6m, due primarily to increased shared ownership and sales income.

Turnover from rents has increased slowly, as the growth in rent from new homes has been mitigated by the rent reduction. We will continue to maximise income collection and have measures in place to reduce arrears with the further roll-out of Universal Credit.

Operating costs increased, largely due to an increase in the cost of sales and fire safety costs following the Grenfell Tower fire.

Our operating surplus increased by £5m to £161m. This surplus allows us to deliver a key social purpose: to provide more homes for sub-market rent or shared ownership. As in each of the previous five years, our investment in improving homes, building new ones and in landlord services was double that of our surplus.

View and download our financial statement for 2017-18.


  • Operating margin

    Our net operating margin was 31.4% in 2017-18, excluding fire safety costs. We generate surplus from our core rental business, active asset management and by building homes to sell on the open market. 

    During 2017-18, we sold 931 properties, generating turnover of £146.3m and a surplus of £66.2m. This included 491 properties sold as part of our stock rationalisation programme, which generated turnover of £41.3m and a surplus of £18.2m.

  • Overall cost per home

    The overall cost per home, including management costs, service charges, maintenance and major repairs, fell from £4,390 in 2016-17 to £4,013 in 2017-18. This was mainly due to reduced costs of administering service charges and lower maintenance costs.

  • Rent collected

    100.39% of rent was collected from current and former tenants as a percentage of rent due (including arrears from previous years), compared to 99.6% the year before, as result of better income management.