But completions and pipeline despite increase in new homes spend
Moat Homes nearly doubled its surplus in its most recent financial year, according to its latest audited results.
Published on Thursday, the figures for the year to 31 March showed the housing association’s total surplus had risen to £23.9m, from £12.2m in the previous financial year.
The provider, which manages more than 23,300 homes across Kent, Essex, Sussex and London, attributed the improved performance to “steady interest costs and a reduction in fair value movement on financial investments”.
Moat also saw its turnover rise from £164m to £176m, while its operating surplus was up from £49m to £58.9m, with operating costs remaining steady.
However, its completions and pipeline both shrank, despite an increased spend on new builds.
During the year, 383 new homes were completed, down from 478. Of these, 63% were for rent and the rest for low-cost home ownership.
The provider’s new homes pipeline dropped, from 1,192 to 1,057, while spending on new builds was up from £81m to £88m.
Moat invested £46m in existing homes during the year, down from £63m.
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