TIDM61RH

RNS Number : 6466L

Notting Hill Housing Trust

20 July 2017

Notting Hill Housing Group has recorded a record surplus of GBP142m in the same year as increasing housing supply in London by 1,151 homes, bringing the total number of homes owned or managed to nearly 33,000.

Notting Hill Housing Group (NHHG) will use its record surplus of GBP142m as reported in its annual result published today (20 July 2017) to continue its programme of creating thousands more homes across London.

The results show the annual surplus increased by GBP17m compared with GBP125m in the previous year. Turnover has reduced slightly from GBP415m to GBP412m and our operating costs per home have decreased from GBP4,617 per unit to GBP4,426 per unit as a result of the continued efficiency programme.

The Group has invested more than GBP373m in new housing supply in London during the year to March 2017. Our development pipeline is forecast to deliver nearly 9,700 homes within the Greater London Area.

Group Finance Director Paul Phillips said, "Achieving another record surplus is a great achievement and gives us the financial strength to continue developing the new affordable homes that Londoners need, while reducing our reliance on Government subsidy."

Our strong performance is driven by:

-- Surpluses on sales of fixed assets of GBP17.6m, primarily from Shared Ownership customers buying more shares in their properties.

   --      Increases in the value of our investment properties of GBP11m

These gains are offset by impairment of GBP10m within our development programme.

Paul Phillips continued: "These strong results gives 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."

These results are in addition to the merger announcement with Genesis which will create a financially strong entity, with combined reserves of GBP3.1bn and loan facilities of GBP3.5bn. Turnover will be around GBP700m. This financial strength will allow us to deliver around 2,700 new homes a year, 400 more than would be achievable separately.

The full Financial Statements will be available on our website shortly

This information is provided by RNS

The company news service from the London Stock Exchange

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July 20, 2017 07:00 ET (11:00 GMT)

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