Balance sheet value of three towers now earmarked for demolition drops
Gentoo’s overall surplus fell as it wrote down the value of three tower blocks it has since decided to demolish.
The 28,000-home Sunderland-based landlord, in its annual financial statement for the year to 31 March, reported a surplus of £10.3m, down from £12.1m the previous year. Its operating surplus fell from £41m to £38m.
The operating surplus figure includes impairment charges of £6.6m, £6.1m of which relates to the reduction in carrying value of Lambton, Londonderry and Lumley towers. The group consulted on the future of the three blocks earlier this year and in August announced they will be demolished.
Excluding the impairment, Gentoo’s operating surplus would have increased to £44.5m.
Gentoo’s turnover increased by £9.9m, from £177.6m to £187.5m. The main factor in the rise was an £11m increase in income from social housing lettings, offset by a £1.5m reduction in non-social housing activity as the group developed fewer properties for outright sale in the year.
Gentoo built 129 homes for affordable rentand shared ownership, this was lower than the 216 homes targeted but higher than the 63 completed last year.
Gentoo attributed this to ”operational delays” on one of the group’s schemes and it anticipating increased completions 2025/26 due to the completion of the delayed schemes.
The provider increased its spend on existing stock from £47.8m to £50.2m, due largely to an extra £2.4m expenditure on its stock investment programme.
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