TIDM54XE

RNS Number : 0829W

A2Dominion Housing Group Ltd

14 August 2020

Publication of A2Dominion's Annual Report & Accounts 2020

A2Dominion Housing Group Ltd has today published its Annual Report & Accounts for the year ended 31 March 2020, recording a turnover of GBP320.4m and a net surplus of GBP19.5m. Surplus after interest charges rose by 66% to GBP22.1m (2019: GBP13.3m).

The 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 started build on over 1,400 new homes in the last financial year, including 391 for affordable and social rent. The new starts on site are part of the Group's healthy pipeline of 6,392 homes planned over the next five years and beyond, with more than half allocated for affordable and social rent.

The Group also continued to focus on improving its customer experience by investing in its services and people. It achieved an award for new homes customer service, with 96% of customers saying they would recommend A2Dominion. For homes in management, satisfaction with responsive repairs services reached 87%, exceeding its target by 2%. Rental collection remained strong despite the coronavirus pandemic, which started to impact at the end of March.

The organisation remains financially strong with an above peer average social housing margin of 34% and a maintained Fitch credit rating of A+.

Darrell Mercer, A2Dominion Group's Chief Executive, said: "I'm delighted that we have started onsite with over 1,400 homes this year, out of a healthy pipeline of 6,000 which will be developed over the next five years.

"In these uncertain times, I am also pleased that our ongoing community investment programme has delivered such strong results and is having an incredibly positive impact on our residents."

Other achievements in 2019/20 included:

-- Raising a total of GBP235m of new finance to enable the Group to continue its growth and take on new development opportunities. This includes:

o GBP75m of revolving credit loan facilities Barclays Bank Plc;

o Two bond issues off its EMTN platform, totalling GBP160m from two investors.

-- Delivering GBP10.6m social value from community investment programmes with customers benefitting from support services including financial and digital inclusion, health and wellbeing and employment and enterprise

-- Named Employee Engagement Company of the Year at the UK & European Employee Engagement Awards 2019

   --   Retaining its G1/V2 rating following an in-depth assessment by the Regulator of Social Housing 
 
 Summary Financial Performance 
 
 GROUP STATEMENT OF COMPREHENSIVE           2020      2019 
  INCOME AND EXPENDITURE                    GBPM      GBPM 
 Turnover                                  320.4     372.2 
 Cost of sales                            (66.1)   (128.4) 
 Operating costs                         (192.1)   (190.2) 
 Surplus on sale of fixed assets             9.4       9.7 
 Share of jointly controlled 
  entity operating profit                    8.7       2.5 
 Operating surplus                          80.3      65.8 
 Operating margin                          25.1%     17.7% 
 Net interest charges                     (58.2)    (52.5) 
 Surplus after interest charges             22.1      13.3 
 Change in fair value of investments         0.5       0.3 
 Movement in fair value of financial 
  instruments                              (0.1)       2.7 
 Movement in fair value of investment 
  properties                               (3.9)       9.2 
 Taxation                                    2.0     (0.3) 
 Non-controlling interest                  (1.1)     (1.3) 
 Net surplus for the year                   19.5      23.9 
 
 
 GROUP STATEMENT OF FINANCIAL                  2020        2019 
  POSITION                                     GBPM        GBPM 
 
 Tangible fixed assets and investments      3,575.6     3,408.8 
 Current assets                               457.3       509.4 
 Creditors including loans and 
  borrowings                              (1,984.2)   (1,883.4) 
 Deferred capital grant                   (1,081.6)   (1,089.4) 
 Non-controlling interest                     (1.2)       (1.4) 
 Total reserves                               965.9       944.0

A copy of the Annual Financial Statements has also been submitted to the FCA Electronic Submission System and will shortly be available for inspection.

The Annual Report & Accounts 2020 can be found here: https://www.a2dominiongroup.co.uk/about/reports-and-accounts

For further information, please contact:

Ellie Lodge

A2Dominion Housing Group Ltd

The Point

37 North Wharf Road

London W2 1BD

Tel: 07860 411202

Email: ellie.lodge@a2dominion.co.uk

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END

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August 14, 2020 05:00 ET (09:00 GMT)

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