This year has been economically, politically and socially challenging for most of the UK, however, we continued to make good progress to build more homes and provide high quality landlord and support services that make a difference to people’s lives.

We have achieved an operating margin of 25% , even with a continued rent reduction (1% per year) from the government and increased health and safety investment to make sure our residents are as safe as possible. Operating margin is the profit an organisation makes per £ of any income  after paying any costs but before paying any interest or taxes. Our operating surplus for the year was a healthy £14m, all of which we reinvested in building new homes along with improving our existing homes and services.

We maintained our total loan facilities of £447m and the undrawn loan facility of £67m, along with £14m of cash held at the year end, which means we are in a strong, secure, financial position  for the coming 12 months. This means we are well positioned to protect the organisation against any shocks in the financial markets. 

If you're interested in finding out much more detail on our finances, our full signed accounts have been designed to make sure they are easier to understand. 

Read the accounts in full here.