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 28% , even with 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. Our surplus for the year was a healthy £12m, all of which is reinvested in building new homes along with improving our existing homes and services.
We raised £80m of new financing during the year, bring our total facillities to £469m. The undrawn loan facility of £112m along with the cash held at the year end of £15m provides strong liquidity, and security, for the coming 12 months to protect the business against any shocks in the financial markets.
If you're interested in finding out 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.