Housing association Peabody has reported a turnover of 213m in 2014-15, with a £50m surplus.
Peabody, which houses more than 80,000 Londoners, spent £352m on new and existing homes during the year, and reinvested all profit into new housing stock.
The housing association said the strong financial results means it would be able to build more new homes and invest an initial £225m in the regeneration of Thamesmead in South-East London. For each pound of public money received it raised £11 in private finance to deliver new homes and services in the capital.
Peabody’s future development pipeline will deliver 8,000 new mixed-tenure homes in London.
Peabody’s executive director finance, Susan Hickey, said: “Some 96% of our finance is derived from our own borrowing and operating activities, including the income from sales and shared ownership products.
“Our financial performance has been achieved in the context of our social rents being £7m below the government’s target rent even before the 1% cut takes effect from April 2016. We are mindful of further challenges posed by welfare reform and the extension of right-to-buy discounts for some residents. But our commitment to providing low-cost rented homes alongside market sale, market rent and intermediate housing for those that can afford it will remain.
