Aster Group has reported a turnover of £241m in its past financial year, with plans to commit £2.4bn to building more than 11,200 homes by 2030.
The group also plans to invest £570m in enhancing its stock and IT, and making its homes more sustainable.
In 2021/22 Aster reported an operating profit of £76m (compared with £73m in 2021). Profit for the year was £172m (£46m in 2021), including the gain of £119.4m made on acquisition of London-based Central & Cecil.
Aster currently has £2.1bn of assets on its balance sheet, and said its revenues in the 12 months to March 2022 rose by 7% year-on-year.
Bjorn Howard, Aster Group’s chief executive officer, said: “Our financial results for 2021/22 reflect us playing our part in tackling the UK’s housing shortage by building quality, affordable homes while also investing to enhance our current portfolio.
“That said, we are acutely aware of the challenges being faced by our customers in the form of higher prices and a darkening economic picture. As we did during the Covid-19 pandemic, we are doing all we can to support them through these difficult times, connecting them with our financial wellbeing team and offering advice on budgeting and managing welfare support payments. We’re also focused on innovating and evolving how we deliver wider societal impact and ramping up to the programme of volunteering and community projects we carry out through the Aster Foundation.”
Last year Aster secured official charity status for the Aster Foundation – the division of the group that oversees its volunteering and community efforts.
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