TIDM54XE

RNS Number : 6423M

A2Dominion Housing Group Ltd

31 July 2017

Publication of Annual Financial Statements

A2Dominion Housing Group has today published its 2017 Annual Accounts, recording a surplus of GBP84.1m for the year.

The full audited financial statements can be found in the following location:

http://www.a2dominion.co.uk/content/doclib/3683.pdf

The Group's turnover in 2016/17 was GBP371.9m, generating an operating surplus of GBP119.9m with an operating margin of 32.2%.

All profits generated by the Group are reinvested into supporting its social purpose. During 2016/17, GBP144m was invested in new housing supply with a further GBP30.1m spent on improving existing properties. Of the 754 homes delivered in the year, 322 were for affordable rent and 71 were for shared ownership. In addition, the Group invested GBP1.4m in community development activities and raised a further GBP729,000 from external sources to support community investment initiatives.

In October 2016, an unsecured GBP1bn Euro Medium Term Note programme was established to facilitate the future funding of the Group and, in November 2016, a debt issue raised GBP250m from investors in the wholesale bond market. The proceeds of the issue contribute to the future funding of A2Dominion's development programme. As at 31 March 2017 the Group had enough financial resources in place to support all committed cash flow expenditure over the next five years.

Overall the Group now manages over 36,500 homes across London and southern England and aims to grow to over 40,000 homes by 2020. At the end of the year, the Group and its partners had over 6,000 homes in its development pipeline. A2Dominion was named Large Developer of Year at the RESI Awards in 2017.

A2Dominion's Group Chief Executive, Darrell Mercer said "This has been another successful year for the Group as we have continued to grow and strengthen our business. We're particularly pleased to have procured a number of large sites over the year, helping us to meet the growing demand for high-quality new homes at a price that people can afford."

Summary Financial Performance

Group statement of comprehensive income and expenditure

 
                                                2017 
                                                GBPm 
 Turnover                                      371.9 
 Cost of sales                                (99.3) 
 Operating costs                             (166.4) 
 
 Operating surplus before sale 
  of fixed assets                              106.2 
 Surplus on sale of fixed assets                13.7 
 
 Operating surplus                             119.9 
 Operating margin                              32.2% 
 
 Share of jointly controlled entity 
  operating (deficit)/ surplus                 (1.2) 
 
 Net interest charges                         (49.4) 
 Change in fair value of investments             0.5 
 Movement in fair value of financial 
  instruments                                  (3.4) 
 Movement in fair value of investment 
  properties                                    18.7 
 Taxation                                      (0.2) 
 Non-controlling interest                      (0.8) 
 
 Net surplus for the year                       84.1

The Group sets aside 80% of its cash surpluses for re-investment in the provision of new housing. The results this year will enable approximately 600 new rented homes to be built which require levels of cash surplus/subsidy of up to GBP120,000 per home.

 
 Group statement of financial 
  position                                         2017 
                                                   GBPm 
 
 Tangible fixed assets and investments          3,060.7 
 Current assets                                   578.1 
 Total creditors including loans 
  and borrowings                              (2,802.5) 
 Non-controlling interest                         (0.8) 
 
 Total reserves                                   835.5

A copy of the Annual Financial Statements has also been submitted to the National Storage Mechanism and will shortly be available for inspection:

http://www.morningstar.co.uk/uk/NSM

For further information, please contact:

Jill Green

A2Dominion Housing Group

The Point

37 North Wharf Road

London

W2 1BD

Tel: 020 8825 1000

Email: Jill.Green@a2dominion.co.uk

This information is provided by RNS

The company news service from the London Stock Exchange

END

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July 31, 2017 11:40 ET (15:40 GMT)

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