56TE Sovereign 43

TIDM56TE

RNS Number : 9425I

Sovereign Housing Capital Plc

13 August 2019

SOVEREIGN HOUSING CAPITAL PLC

Annual Report and Financial Accounts 2018/19

Sovereign Housing Association has published its annual report and financial accounts.

It has been a challenging operating environment, but Sovereign continues to deliver on its commitment to provide quality, affordable homes, in great places to live, with excellent services.

Sovereign provided more new homes than ever before last year, investing GBP238m in 1,543 new properties. Nine out of ten were available for a sub-market rent or to buy through shared ownership.

With a focus on quality, it invested GBP93m on maintaining and improving our existing homes, with our in-house property services teams completing around 200k repairs and upgrading kitchens, bathrooms and heating systems. It also achieved a 14.5-day turnaround on relets, getting much-needed homes ready for new tenants as quickly as possible.

This - and much more - is all possible because of its strong financial foundations. The GBP99m surplus, on a GBP402m turnover, enables the significant, long-term investment in homes and services.

Looking to the future

Looking beyond the numbers, last year marked the end of the integration work following the merger between Sovereign and Spectrum Housing Group two years ago.

An ambitious and challenging new five-year strategy has been set, that will lay the foundations for it to succeed for the next thirty years.

Sovereign will build even more homes and make great places to live, stepping up to build nearly 2,000 homes a year and rebalance our programme towards more land-led development. This means it can take more control over quality, design and sustainability.

It will invest for the long-term, trebling investment in communities and supporting residents to make the changes they want to make for themselves and for their neighbourhoods.

Sovereign is also rethinking its core service offer, building a truly customer-focused culture where residents are at the heart of our services. This includes reviewing the standard of existing homes, focusing on quality and supporting choice.

Finally, it will create a business model that will stand the test of time. This means continuing to transform services and also invest in the technology platforms and infrastructure needed to excel, long into the future.

Sovereign is a strong organisation that makes a tangible difference to people and places - and it is ready for the next exciting phase of its development.

Notes

-- Sovereign refers to Sovereign Housing Association Ltd registration number 7448. Sovereign comprises of a Group of companies, a member of which is Sovereign Housing Capital PLC, which is a special purpose vehicle established for the purpose of incurring indebtedness and lending the proceeds thereof to members of the Group.

-- Sovereign is one of the country's largest housing associations, providing more than 58,000 quality and affordable places for 134,500 people to call home across the south of England. It offers a wide range of affordable housing options, as well as private market rent and outright sale.

   --    Sovereign is an exempt charity. 

ENDS

For further questions or enquiries on this announcement, please contact:

Claire McKenna

Company Secretary

Claire.Mckenna@sovereign.org.uk

Phone: 01425 283631

This information is provided by RNS

The company news service from the London Stock Exchange

END

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