54XE A2dominion 28

TIDM54XE

RNS Number : 0339W

A2Dominion Housing Group Ltd

27 July 2018

Publication of Annual Financial Statements

A2Dominion Housing Group Ltd has today published its Annual Report & Accounts 2017/18, recording a surplus of GBP92.5m for the year. This includes a GBP44.9m surplus from its private sales and joint venture partnerships.

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

https://www.a2dominiongroup.co.uk/about/reports-and-accounts

The Group's turnover was GBP300.7m in 2017/18, generating an operating surplus of GBP100.2m with an operating margin of 33.3%. It completed 954 homes, an increase of 27% compared to the previous year. This comprised 221 affordable rent, 101 shared ownership, 406 private sale and 226 private rent homes.

All profits generated by the Group are invested into new and existing homes, services and support for local communities.

Darrell Mercer, Chief Executive of the A2Dominion Group, said: "Our development pipeline is now at its highest-ever level of over 7,800 homes and, by continuing to grow our commercial activities, our aim is to provide up to 1,200 new homes each year by 2020.

"In the last year, we have continued to overcome the challenges of low grant funding levels by reinvesting our own surpluses, to help us build close to 1,000 new homes."

A2Dominion, which manages over 37,000 homes across London and southern England, invested GBP24.7m in the last year into upgrading its existing properties and achieved an 83% customer contact centre satisfaction rating.

The Group achieved efficiencies of GBP11.2m in 2017/18 by continuing to build on savings in overhead costs, procurements and realising the benefits from strategic projects. Through A2Dominion's community investment initiatives, more than 2,000 people participated in employment, education, enterprise and wellbeing programmes.

During the year, the Group also began the first phase of a GBP20m business transformation programme, Fit for the Future. The programme will help the Group to become more responsive to customer needs and expectations, whilst making it more efficient and profitable.

 
 Summary Financial Performance 
 
 GROUP STATEMENT OF COMPREHENSIVE            2018      2017 
  INCOME AND EXPENDITURE                     GBPM      GBPM 
 Turnover                                   300.7     371.9 
 Cost of sales                             (55.7)    (99.3) 
 Operating costs                          (158.2)   (166.4) 
 Surplus on sale of fixed assets             13.4      13.7 
 Operating surplus                          100.2     119.9 
 Operating margin                           33.3%     32.2% 
 Share of jointly controlled 
  entity operating surplus / (deficit)       41.2     (1.2) 
 Net interest charges                      (53.7)    (49.4) 
 Change in fair value of investments            -       0.5 
 Movement in fair value of financial 
  instruments                                 3.2     (3.4) 
 Movement in fair value of investment 
  properties                                  1.6      18.7 
 Taxation                                     1.1     (0.2) 
 Non-controlling interest                   (1.1)     (0.8) 
 Net surplus for the year                    92.5      84.1 
 
 
 GROUP STATEMENT OF FINANCIAL                  2018        2017 
  POSITION                                     GBPM        GBPM 
 
 Tangible fixed assets and investments      3,174.6     3,060.7 
 Current assets                               568.2       578.1 
 Creditors including loans and 
  borrowings                              (1,795.5)   (1,790.7) 
 Deferred capital grant                   (1,008.0)   (1,011.8) 
 Non-controlling interest                     (1.2)       (0.8) 
 Total reserves                               938.1       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

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