A2Dominion Housing Group Ltd Publication of Annual Financial Report 2019 (3627H)
31 Julho 2019 - 7:00AM
UK Regulatory
TIDM54XE
RNS Number : 3627H
A2Dominion Housing Group Ltd
31 July 2019
Publication of Annual Financial Statements 2019
A2Dominion Housing Group Ltd has today published its Annual
Report & Accounts 2018/19, recording a turnover of GBP372.2m
and a net surplus of GBP23.9m.
The 38,000-home Group had a higher net surplus of GBP92.5m in
2017/18 due to GBP40m of surplus from the completion of a joint
venture development scheme in that year. The lower surplus also
reflects the Group's significant new investment of GBP13.5m into
fire safety, in addition to its homes maintenance programme of
GBP32.9m (2018: GBP24.1m).
The full audited financial statements can be found in the
following location:
https://www.a2dominiongroup.co.uk/about/reports-and-accounts
As one of the UK's top developing housing associations,
A2Dominion built 875 much-needed high-quality new homes across
London and southern England in the last year. Its completions
included 113 for affordable rent, 88 shared ownership, 24 social
rent, 354 private sale and 296 private rent.
The Group also continued to focus on improving and investing in
its customer services, achieving a 90% satisfaction rating with its
responsive repairs service (a 12% increase over the past three
years) and invested GBP1.6m into community programmes and
initiatives.
The organisation remains financially strong with an above peer
average social housing margin of 37.2% and a newly-retained Fitch
credit rating of A+, one of the highest in the sector.
Darrell Mercer, A2Dominion Group's Chief Executive, said:
"Whilst our operating environment remains challenging due to the
on-going economic and political uncertainty, the Group remains in a
very strong position.
"We have started to build more new homes than ever before, with
1,800 homes started in the last year alone. We are also continuing
to focus on serving the needs of our customers, achieving high
satisfaction across many key areas."
Other achievements in 2018/19 included:
-- Forming a strategic partnership with the Greater London
Authority to secure GBP85 million in funding, as part of the
2016-21 London Affordable Homes Programme
-- Raising a total of GBP465m of new finance to enable the Group
to continue its growth and take on new development opportunities.
This includes:
o GBP250m of revolving credit loan facilities with leading
financial groups, HSBC, MUFG Bank, BNP Paribas and National
Australia Bank;
o GBP215m - a forward starting bond issue; a forward starting
private placement; a floating rate note; and participation in the
MORhomes club issue.
-- Securing 650 plots of strategic land, with a total of 3,000
plots to ensure future supply and developing the Group's first-ever
mixed tenure extra care scheme, Beechwood Grove in Reading
-- Launching the first phase of the Group's GBP23m business
transformation programme, Fit for the Future, to become more
responsive to customers' needs and expectations, whilst making the
organisation more efficient and sustainable
-- Investing GBP1.6m into community programmes with over 3,500
customers benefitting from support services including financial and
digital inclusion, health and wellbeing and employment and
enterprise
-- Winning and retaining care and support contracts with a value
of GBP1.3m to provide support and accommodation to vulnerable
people, including those who are homeless, young parents and older
residents
-- Recording best-ever income collection results.
Summary Financial Performance
GROUP STATEMENT OF COMPREHENSIVE 2019 2018
INCOME AND EXPENDITURE GBPM GBPM
Turnover 372.2 300.7
Cost of sales (128.4) (55.7)
Operating costs (190.2) (158.2)
Surplus on sale of fixed assets 9.7 13.4
Operating surplus 63.3 100.2
Operating margin 17.0% 33.3%
Share of jointly controlled
entity operating surplus 2.5 41.2
Net interest charges (52.5) (53.7)
Change in fair value of investments 0.3 -
Movement in fair value of financial
instruments 2.7 13.2
Movement in fair value of investment
properties 9.2 1.6
Taxation (0.3) 1.1
Non-controlling interest (1.3) (1.1)
Net surplus for the year 23.9 92.5
GROUP STATEMENT OF FINANCIAL 2019 2018
POSITION GBPM GBPM
Tangible fixed assets and investments 3,408.8 3,174.6
Current assets 509.4 568.2
Creditors including loans and
borrowings (1,883.4) (1,795.5)
Deferred capital grant (1089.4) (1,008.0)
Non-controlling interest (1.4) (1.2)
Total reserves 944.0 938.1
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:
Ellie Lodge
A2Dominion Housing Group
The Point
37 North Wharf Road
London W2 1BD
Tel: 020 8825 1000
Email: ellie.lodge@a2dominion.co.uk
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contact rns@lseg.com or visit www.rns.com.
END
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