Affordable housing group Network Housing has reported a net surplus of £5.7m for 2008-09, an increase of £2.4m on the previous year despite a drop in property sales of £2m.
The group said that they had achieved the surplus by reducing their costs through the year.
David Levenson, group director of finance and resources, said: “The new group financing facilities, which were arranged in 2008, reduced borrowing costs by more than £1m last year and higher reductions are anticipated in future years.
“Operating surplus before interest and surpluses from sale increased from £21.5m to £24.2m, meaning that we are able to provide our tenants with better value for money in terms of services and repairs, and provide more new homes.”
The group said it has continued to buy land at “suitable values” and avoided making any asset writedowns.
Network Housing Group owns and manages nearly 17,000 homes, mostly in
