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Network Housing Group has posted a net surplus of £5.7m
for 2008/09, an increase of £2.4m on the previous year. This
was in spite of a reduced surplus from property sales of
£2m.
David Levenson, Group Director of Finance & Resources, said
that the improved performance is a result of lower costs of finance
and efficiency gains working their way through the accounts: "The
new Group financing facilities which were arranged in 2008 reduced
borrowing costs by more than £1m last year and higher
reductions are anticipated in future years.”
He continued: "Operating surplus before interest and surpluses
from sale increased from £21.5m to £24.2m, meaning that
we are able to provide our tenants with better value for money in
terms of services and repairs, and provide more new homes."
Unlike many of the major developing associations, Network has had
no write down in its accounts from falls in property values. "We
have continued to acquire land at suitable values and our sales
exposure is low. Our auditors were satisfied that we could justify
the carrying value of all of our assets," explained Levenson.
