Social landlord announces greatest ever surplus
Published by Max Salsbury for 24dash.com in Housing
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North Lincolnshire Homes has seen its surplus increase by a massive 587% to £8.1million, the highest it has ever recorded.
In its 2012/13 financial statement, the 10,000-home provider's turnover stood at £36.3m, an increase of £1.9million.
Meanwhile, operating costs fell from £36m to £28m, which it has credited to the expensing in earlier years of non-recurring environmental costs.
The social landlord also saw the amount of rent it collected rise during 2012/13, by £2.2m to £35.9m, whilst rent owned fell from 3.2% to 3.1%.
Andy Orrey, chief executive, said: “These are a really strong set of results that demonstrate the underlying cash flow of the core business.
“They provide a solid base for the group to move forward and deliver our commitment to build new homes and continue to improve existing ones.”
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