Manchester-based housing association increases revenue and underlying surplus but confirms it missed development target
Great Places has increased its annual turnover 15% through higher rental income and increased sales.
The 25,000-home Mnachester-based association, which earlier this year revealed had missed its development targets for 2021/22, revealed its turnover for the year to 31 March was £166m, up from £144.2m the year before
The figure was boosted by a 69% increase in turnover from shared ownership first tranche and open market sales, from £23.7m to £40m.
Turnover from social housing lettings was £114.8m, a 5% increase on the £109.9m reported the previous year.
Great Places’ surplus fell from £54.3m to £21.6m, but this was largely due to a gain following the group’s merger with Equity Housing. Its surplus excluding the one-off gain increased from £14.8m to £21.6m over the same period.
See also>> Great Places names new development director
The accounts also confirmed details of a previous update in April revealing Great Places missed its development target, building 557 units instead of the 745 in a revised down target. It had originally targeted 858 homes. The association said labour, materials and planning difficulties had affected the figures.
Great Places is aiming to build 11,000 homes between 2020 and 2030. It was last year named as a strategic partner by Homes England and has been allocated £240.8m to build 4,920 homes by 2028. The association leads the Offsite Homes Alliance of 23 housing associations looking to boost off-site manufacturing in the sector.
Housing association financial statements 2021/22
Guinness builds less than half of targeted homes 64,000-home association becomes latest provider to repor development plan disruption due to supply chain issues and partners ‘re-profiling’ schemes
Onward Homes reports £22.5m loss due to refinancing costs and write-downs 35,000-home north-west association ‘on target’ to build 1,400 homes by 2024
Clarion boosts surplus by 52% Housing association income increased due to near doubling of open market sales turnover and sale of stock to other providers
Stonewater reports halving of surplus and missed build targets as costs hit 34,000-home housing association hit by increase in operating costs
Moat misses build target but revenue rises South east-based social landlord reports £181m turnover but feels impact of labour and materials squeeze
Metropolitan Thames Valley’s surplus falls 33% following tower block fire costs 57,000-home housing association’s balance sheet hit by multiple factors, including increased operating costs and a fall in home sales
L&Q’s surplus plunges after admitting major write down Housing association giant reports series of impairments reducing surplus by £53m
Orbit sees housing completions rise Materials and labour shortages mean growth was slower than expected for 47,000-home social landlord
Peabody boosts turnover and surplus due to shared ownership staircasing Housing association giant plans to start work on 7,000 new homes by March 2023
Sanctuary misses development target by a third due to ‘pandemic effects’ Housing association giant undershoots target but increases completions 34% year-on-year
Vivid increases development to above pre-pandemic level 33,000-home housing association completes 1,400 homes
Platform scales back targets for development and energy efficiency 46,000-home housing association increases turnover boosted by increased shared ownership sales
Later living giant Anchor posts £24.4m surplus following loss last year Housing association ‘on track’ with increased 5,700-home development plan
Hyde delivers fewer social homes than expected due to ‘delays and shortages’ 48,000-home housing association delivers 74% of affordable target, but hits lowered development target overall.
EMH Group misses development target by 40% Housing association says build hit by planning delays, materials shortages and pandemic impacts but is confident of hitting five-year target