Notting Hill Housing Group has recorded a record surplus of £142m in its annual results published today.
On the same day as it announced it was merging with Genesis to create one of the largest housing associations in the country, Notting Hill’s own performance showed turnover reducing slightly from £415m to £412m. However, its margin increased to 35%, up from just 16% in 2013.
Operating costs per home decreased from £4,617 to £4,426 per unit as a result of a “continued efficiency programme”.
The housing association invested more than £373m in new housing supply across London during the year to March 2017. The development pipeline is now forecast to deliver nearly 9,700 homes within the Greater London Area.
Group finance director Paul Phillips said: “Achieving another record surplus is a great achievement and gives us the financial strength to continue developing the new affordable homes that Londoners need, while reducing our reliance on government subsidy.”
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