G15 landlord exceeds completions target but did not start any homes on site in 2024/25 in line with shift to focus on stock improvements

A2 Dominion has made an annual surplus of £116.4m.

accounts

The G15 landlord’s figure, which compares to a deficit of £21m the previous year, was boosted by a £102.2m sale of 340 temporary accommodation units to Westminster City Council.

The accounts show that even without the sale of the homes, the landlord’s underlying performance improved with operating surplus minus the stock transfer gain rising to £83.5m, up from £34.8m the previous year.

Alan Collett, chair of A2 Dominion said: “We want to make sure that we are focusing on the services that we can deliver best, which may include transferring services that would be better provided by others.

“Our sale of some temporary accommodation to Westminster City Council this year has been part of our plan to focus on core customers and place our effort and emphasis on projects such as improving our repairs and customer experience.”

A2Dominion increased its turnover 5.5% from £399.6m to £421.5m. Its social housing lettings income by £12.4m to £2658m, while its land sales income rose by £30m. This was offset by a £14.9m decrease in income from shared ownership first tranche sales.

The 39,000-home provider completed 925 new homes in the year. This was an 38% increase on the 668 completed the previous year and meant A2 Dominion exceeded its target of 883.

However, A2 Dominion did not start any new homes on site this year in a move intended to “allow it to focus on redevelopment and improving existing homes.”

“In the next 12 months we’ll start identifying new affordable housing opportunities for redevelopment, regeneration and joint venture development, with an aim to recommence new starts on site in financial year 2026/27”, it said. “We’re also looking at how we can maximise the potential of our existing strategic land portfolio, with a pipeline of up to 5,000 new homes.”

The landlord also reduced its operating costs by £18m to £275m. It said: “We have also been streamlining our organisation to focus more on being a social landlord, reduce operating costs and cut back on activities that don’t provide value for money. Where we make savings, we are reinvesting these into our homes, services, and the redevelopment and regeneration of homes and estates.”

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