London & Quadrant has posted a 64% increase in net asset to £452m for the year to 30 June.
Homes under management stood at 78,865, up from 77,111 the previous year.
The operating margin on lettings activity stood at 55%, up from 43% the previous year.
The housing association is operating from 80 active sites, including joint venture sites, with recent acquisitions including a riverside site in Reading, Berkshire, that will create between 700 and 800 new homes for affordable rent and shared ownership.
In the financial year to 30 June, L&Q approved an additional 1,600 units, bringing total units in the development pipeline to 41,100. This is up from 39,800 for the financial year ending 31 March 2016.
Within the approved pipeline 23% are on site, equating to 9,300 units.
The projected development pipeline cost is estimated at £3.4bn of which circa £1.2bn (35%) is currently committed.
Surplus for the period has decreased by 12% to £53m, which L&Q said reflected an expected increase in net debt to support the development pipeline.
Net debt for the financial year to 30 June increased by 7% to £2.3m. Available liquidity stood at £487m.
L&Q group director of finance Waqar Ahmed said: “While it is too early to determine the impact on our sales activity following the EU referendum, we remain confident in the positive fundamentals of our business that includes appropriate measures in place to react to market conditions, such as reassessing tenure type, and we will continue to monitor the market closely. We are therefore maintaining our guidance of a targeted surplus for the financial year ending 31 March 2017 at £281m.”
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