Circle doubles its surplus to £44.5m
Published by Brian Church for 24dash.com in Housing
Circle Housing has almost doubled its net surplus for 2013-14, rising to £44.5 million from £24.9m the previous year, and said it is in a strong position to tackle "external and internal challenges".
The group, one of England’s largest housing associations, today published its financial results for the year ended 31 March 2014, showing a turnover of £362.7m (up from £345.9m).
Also in the report: Circle said it invested £133m in the development of new homes, group debt is £1,799.9m (2013 £1,766.9m) and total value of its 64,338 housing properties is £3,185.5m (2013 £2,886.2m).
In operational highlights, Circle said it maintained rent arrears levels of just 2.8% despite economic challenges and completed nearly 400 new affordable homes, started building over 1,200 and has over 3,000 homes in the pipeline.
Circle Housing chairman Sir Robin Young said: "Our vision is to provide people in need with greater opportunities for independent, affordable and secure living. Where we make financial surpluses, we reinvest them in development, regeneration, and important services to support our customers to become more financially resilient and independent.
"I am glad to confirm that this report shows that the group is financially secure, with good operating margins and a strong liquidity position. There are, and always will be, external and internal challenges but we are in a strong position to tackle them."