A2Dominion Housing Group Ltd Publication of Annual Financial Statements 2022 (5546D)

TIDM54XE

RNS Number : 5546D

A2Dominion Housing Group Ltd

20 October 2022

Publication of Annual Financial Statements 2022

A2Dominion Housing Group Ltd has today published its Annual Report & Accounts for 2021/22, recording a turnover of GBP465.8 million and a net surplus of GBP42.1 million.

The full audited financial statements can be found on our website: https://www.a2dominiongroup.co.uk/about/reports-and-accounts

A2Dominion has seen a return to delivering a strong underlying operating surplus whilst still increasing investment in maintenance and safety. This net surplus of GBP42.1 million is an increase of GBP35.7 million from the prior year on the back of an increase in turnover of over 50%. The Group has continued to invest in the maintenance and safety of its homes, spending a total of GBP64.6 million in the year on its responsive, planned and major repairs programmes.

971 new homes were completed this last year, against a target of 953, despite the challenges in construction, materials, and labour shortages, with over half being affordable tenures.

The last year also saw the Group maintain its A credit rating with Fitch. The business also maintained a regulatory rating of G1/V2 confirmed via an In-Depth Assessment.

A2Dominion Group's E xecutive Director (Central & Financial Services) and Deputy Chief Executive , Anne Waterhouse, said: " We continue to show clear financial resilience, which means we can attract the investment needed to maintain our existing homes, alongside our new homes programmes. The current external economic environment creates challenges for our organisation and our customers, so our focus is on this financial resilience, and that our customers are safe and secure in their homes."

Overall, the Group now manages over 39,000 homes across London and southern England, with 3,300 homes in the development pipeline. All profits generated by the Group are reinvested into supporting its social purpose providing new homes and continuing to invest in existing homes and services.

Other achievements set out in the Annual Report include:

Deliver customer-led services for residents and communities

   --    Customer satisfaction of 81.9% ahead of a target of 81.5% 

-- How easy we are to deal with: we achieved a score of 3.8 against a target of less than 3.9, and better than the national benchmark of 5.2 (lower scores mean lower effort and so are more positive)

-- Generated GBP11m in social value, 37% higher than our target of GBP8m. This value is calculated using a method developed by the Housing Associations' Charitable Trust to measure the unseen societal positive impact of the services we provide for the benefit of our communities.

-- Won a TPAS award for 'Excellence in Engagement in Support and Care' for our supported living scheme, Bramlings House

Protect and grow our business

   --    Regulatory rating of G1/V2 
   --    Maintained our A credit rating with Fitch 
   --    81% employee engagement score 
   --    Launched our second Environmental, Social and Governance report 

Provide new high-quality homes and places

   --    971 new homes completed 
   --    540 homes started on site 
   --    3,300 homes in development pipeline 
   --    87% of new home customers would recommend us to others 

-- Continued partnership to help deliver the Greater London Authority's (GLA) Affordable Homes Programme

Effectively manage our existing homes and places

-- 88% satisfaction with responsive repairs services, above our target of 85% and in line with the 88% reported last year

   --    Low rent arrears of 3.3% 
   --    GBP960,000 allocated to reduce carbon pollution - to be increased to GBP1.7m in 2022/23 

-- 80,000+ responsive repairs carried out through our contractors and our joint venture partnerships

 
 Summary Financial Performance 
 GROUP STATEMENT OF COMPREHENSIVE           2022      2021 
  INCOME AND EXPENDITURE 
                                            GBPM      GBPM 
 Turnover                                  465.8     303.3 
 Cost of sales                           (181.6)    (44.1) 
 Operating costs                         (213.0)   (207.2) 
 Surplus on sale of fixed assets            13.3       7.3 
 Share of jointly controlled 
  entity operating profit                    9.2      19.1 
 Operating surplus                          93.7      78.4 
 Operating margin                          20.1%     25.8% 
 Net interest charges                     (65.5)    (64.8) 
 Change in fair value of investments         8.4       0.8 
 Movement in fair value of financial 
  instruments                                2.7       2.3 
 Movement in fair value of investment 
  properties                                10.7     (9.4) 
 Taxation                                  (6.4)       0.7 
 Non-controlling interest                  (1.5)     (1.6) 
 Net surplus for the year                   42.1       6.4 
 
 
 GROUP STATEMENT OF FINANCIAL                  2022        2021 
  POSITION                                             restated 
                                               GBPM        GBPM 
 
 Tangible fixed assets and investments      3,643.9     3,600.8 
 Current assets                               420.9       434.9 
 Creditors including loans and 
  borrowings                              (1,952.6)   (1,980.6) 
 Deferred capital grant                   (1,070.8)   (1,081.3) 
 Non-controlling interest                     (1.7)       (1.6) 
 Total reserves                             1,039.7       972.2 
 

A copy of the Annual Financial Statements has also been submitted to the National Storage Mechanism and will shortly be available for inspection:

https://data.fca.org.uk/#/nsm/nationalstoragemechanism

For further information, please contact:

Ellie Lodge

A2Dominion Housing Group

The Point

37 North Wharf Road

London W2 1BD

Tel: [phone]

Email: [e-mail]

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October 20, 2022 05:30 ET (09:30 GMT)