Southern Housing Group, one of the largest housing associations in London and the South East of England, has announced its results for the year 2014/15.
With a net surplus of £51.9m the Group has improved its core operating performance and continued to make sales of home ownership products during the 2014/15 financial year. It will now use its cash surplus to invest in its development activity.
Tom Dacey, Chief Executive of Southern Housing Group, said that the strong performance was an excellent result given the changes the housing sector is currently facing.
“Our sector is facing unprecedented challenges and our excellent performance in the past financial year will help us build on our foundations as a charitable social housing provider.
“We don’t distribute our profits, so every penny we make is reinvested into either new homes or helping to improve our residents’ lives.
“This means that while we might have to face the decision of whether to reduce our development programme because of the changes announced during the last budget, our strong performance will allow us to continue to build much-needed homes across the South East of England.”
While the Group has continued to build new homes, it has also invested more than £1.8m in the communities where it owns housing stock.
“We offer extensive services to our residents across a number of different areas, including support into work, helping them to maximise and manage their income and improving neighbourhoods, Tom said.
“In fact, our Financial Inclusion Team has been so successful that they have identified more than £750,000 our residents were able to claim, which has helped bring them a range of benefits.”
Other key results for the Group’s during 2014/15 include:
Generating £14.6m from shared ownership sales, which can be reinvested into building new homes
Completing 450 new homes
Saving almost £300,000 through the launch of an in-house repairs service, Southern Maintenance Services
Saving around £883,000 through procuring new contracts.
“We’re rightfully proud of last year’s performance and, with a strong focus on delivering excellent value for our residents, we’re in an admirable position as we seek to address the challenges ahead,” said Tom.