Housing association Places for People’s profit more than doubled in the year to March 2017. Turnover increased by 29%.
Turnover for the period was £795.1m, up from £616m, while profit before tax increased from £43.7m to £119.7m.
The increase in profit includes a one-off exceptional item of £41.4m after Derwent Living joined the Places for People Group in December 2016. The social landlord, which also has a facilities management and student housing arm, increased the total number of homes the group manages by almost 20% from 152,783 to 182,725.
Derwent Students is the UK’s third largest manager of student accommodation.
Over the year Places for People invested £187m in new homes and built or acquired 1,519 homes. Of the homes built, 312 were affordable.
Places for People plans to build 16,000 homes in the coming years, including a joint venture with Balfour Beatty for 1,500 homes in the Queen Elizabeth Olympic Park, E20; 1,150 homes in a new mixed-use quarter on brownfield land in Birmingham; and 3,000 homes in partnership with Aberdeen City Council.
Places for People group chief executive David Cowans said: “Our robust business model gives us an agility to respond to market conditions in order to protect and increase our assets and revenue, which in turn enables us to invest more in homes, services and the communities in which we operate.”
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