£65 million surplus for Notting Hill
Published by Brian Church for 24dash.com in Housing and also in Finance
Opinion: Kate Davies on the move to market rent
Notting Hill Housing Group (NHHG) has reported a record surplus for the London housing association of £65.7 million and says this will mean more homes for the capital. Last year the surplus was £55.5 million.
Releasing its annual results on Monday afternoon, NHHG said its plans include delivering 1,400 units per year for the next three years.
Group finance director Paul Phillips said: "We are delighted with our latest performance, particularly in the year when we commemorated our 50th anniversary. Our continued focus on value for money has meant that despite a £41 million reduction in turnover, our overall surplus has increased. As a social enterprise, this means we have the opportunity to reinvest in more homes and services for Londoners."
In 2013-14 NHHG started developing 1,412 new homes, completing 925, and has 7,300 in the development pipeline. Of those, 4,710 are either rented social housing or shared ownership housing.
It’s been a hectic year for the group led by chief executive Kate Davies (photo). In February 2014, NHH raised £250m in the bond markets and the following month completed a stock transfer of 440 homes with Orbit Housing. It has also signed a multi-million pound deal to develop more than 1,000 homes in Canada Water, Southwark.
Earlier this month L&Q reported a surplus of £174m, up from £118m in 2013.