Published - 26 July 2019
Notting Hill Genesis releases first financial report
Notting Hill Genesis (NHG) has recorded a surplus of £105m in its first year as a merged organisation, as well as completing 2,111 homes, bringing the total number of homes owned or managed to over 65,000.
NHG will use its surplus, as reported in its annual statement published today (26 July 2019) to invest in its existing homes as well as continuing its programme of creating thousands more homes across London. Due to the uncertainty in the housing market, this will be at a slower pace than originally planned.
The results show the annual surplus decreased by £34m to £105m, compared with £139m in the previous year. Turnover from non-sales activities remained broadly constant at £536m, but operating costs per home increased from £6,484 to £6,716 per unit as a result of the temporary costs of integration. Surpluses from sales were also down.
The group has invested more than £654m in new housing supply in London during 2018/19, and plans to build around 20,000 homes over its first decade of operation, with a majority of them affordable. Of those, 14,000 of these have already had sites identified.
Paul Phillips, Group Director of Finance, said, "Achieving this level of surplus in our first year is a great achievement and gives us the financial strength to invest in our existing homes and continue providing the affordable homes so needed by lower-income households.
These results give our customers, investors and other stakeholders confidence in our ability not only to withstand challenges within the housing sector but also to continue to deliver homes for a range of needs across the capital and beyond.
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