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Genesis announces £40.1 million surplus

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Genesis announces £40.1 million surplus

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Published by Brian Church for 24dash.com in Housing and also in Finance

Neil Hadden1 Neil Hadden1

Another day, another surplus for the sector. Genesis Housing Association, which owns or manages 33,000 properties in London and the South East, announced a £40.1 million surplus for the financial year at its AGM, compared to £44.3m in 2013 and a substantial rise since 2009 (£0.7m) before the group restructure.

It said the surplus "will be channelled back into building new homes, investing in existing ones and providing a range of services in the communities in which Genesis operates".

Genesis completed 751 new homes compared to 698 in the previous year and invested nearly £200m in its development programme. Nearly half (371) of these new properties were for social and affordable rent. Genesis said there are already nearly 2,000 (1,967) units in development, and the current forecast is for 2,793 units to be built during 2015-17, in keeping with the group’s "aspiration to build nearly 1,000 new homes every year".

Turnover was £264.9m, up from £229.4m in 2013, and results showed an operating margin of £64.6m (24.5%), compared to £57m (20.5%) in 2013. Genesis’ portfolio value rose from £5.5 billion to £6.2bn and £33.1m was invested in major, cyclical and responsive repairs and maintenance at existing properties.

Also, 56 volunteers entered the workplace via Genesis’ volunteering programme, 84 residents found jobs in a wide variety of sectors with help from the employment and training team, and the company’s enterprise arm provided funding and support to enable 31 business start-ups.

Genesis chief executive Neil Hadden (photo) said: "Our work goes well beyond bricks and mortar, and it’s heartening to see that so much has been achieved this year in terms of regeneration and supporting enterprise, employment and volunteering."

The group also said that "this year also marks the closure of the Genesis Way Programme, a two-year organisation-wide transformation project which has brought in major and broad-ranging changes to the company’s structure, systems and ways of working. Over its lifetime, the programme has realised financial benefits of nearly £20m (£19.85m), significantly out-performing the original target of £9m".

The results can be seen on www.genesisha.org.uk

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