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Housing Today
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Write downs from sale of Wembley development site push PA Housing into deficit
One-off costs squeeze landlord’s margin as it builds record number of homes
PA Housing has reported a deficit and squeezed margins following impairment charges of £28.9m relating in part to a site it sold following the insolvency of a contractor.
The 25,000-home landlord, in its financial statements for the year to 31 March, reported a deficit of £18.5m, down from a surplus of £3.1m the previous year. Its operating surplus fell from £44m to £27.4m over the same period.
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