Housing association surplus rises but still behind pandemic level
Housing association A2 Dominion has increased its surplus for the first half of the year, but it is still lower than its pre-pandemic level.
The 38,000 home organisation reported a surplus of £18.9m in its results for the six months to 30 September. This was a 60% increase on the £11.8m for the same period in 2020 during the pandemic lockdown.
However it was slightly lower than the £20.3m reported for the same period in 2019.
The group’s turnover increased from £145.2m for the first half of 2020/21 to £177.2 million in the same period in 2021/22.
See also >> Exclusive: housing association CEO earnings rise below inflation at 0.8%
Its revenue was boosted by a near-trebling of its housing sales income, from £16.1m in the first half of 2020/21 to £44.5m in the first six months of 2021/22.
A2 Dominion completed 580 homes in the period and is expecting to deliver “more” homes over the whole year than the 754 it completed in 2020/21.
It has a total development pipeline of 5,453 homes.
The association announced last month that chief executive Darrell Mercer is standing down after 34 years at the organisation.
See also>> Housing association accounts 2020/21 coverage all in one place
No comments yet