London & Quadrant Housing Trust is targeting a £270m surplus in the 2019-2020 financial year.
The housing association said it was targeting a stronger surplus, having failed to meet its target during 2018-2019.
In a trading update for the financial year ending 31 March 2019, the housing association said its surplus had dropped 45% to £191m, from £348m the year before.
The group had already projected in January that its surplus would fall to around £191m – which is £150m short of its original £340m target.
Waqar Ahmed, group director for finance, said: “While the decisions made and weaker market conditions have resulted in a year-on-year reduction in surplus after tax, we remain confident in our future prospects.
“For the financial year ending 31 March 2020, we expect stronger operating performance to deliver a surplus after tax in the range of £250m-£270m, and to complete over 3,200 new build residential units.”
L&Q, including joint ventures, has completed 2,874 residential units in the 2018-2019 financial year, including an increase in social housing, with 1,582 completions against 1,342 the previous year.
Its revenue for the period fell 9% from £1bn to £937m.
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