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.