Notting Hill Genesis Annual report and financial statements for 2019/20
29 August 2020 - 12:53AM
RNS Non-Regulatory
TIDM85FA
Notting Hill Genesis
28 August 2020
28 August 2020
Annual report and financial statements for 2019/20
Notting Hill Genesis (NHG) has recorded a surplus of GBP98.1m,
as well as completing almost 2,000 new homes, bringing the total
number of homes owned or managed to more than 66,000.
We will use our surplus, as reported in our annual statement
published today (28 August 2020), and available at
https://www.nhg.org.uk/publications/financial-statements/ to invest
in our existing homes as well as continuing our programme of
creating more homes across London. We had already scaled back our
development programme in light of the uncertainty in the housing
sales market before the start of the 2019/20 financial year, but
still managed to complete 1,962 new homes by 31 March 2020.
The results show the annual surplus decreased by GBP6m to
GBP98.1m, compared with GBP104.1m in the previous year. Turnover
from non-sales activities increased by GBP14.5m to GBP550.2m whilst
associated operating costs decreased by GBP6.4m to GBP418.2m as a
result of savings made through our integration following merger.
So, the core operating surplus increased to GBP122.0m. Although our
surplus from sales also increased by GBP7.4m to GBP31.6m, there
were lower gains in the values of our investment properties and an
increase in net financing costs.
Because the UK lockdown due to the Covid-19 pandemic began just
a week before year-end, there was little impact on our activities
for 2019/20. We continue to monitor the key risks which could be
adversely affected by the pandemic, but remain a financially strong
organisation, with liquidity of GBP569m at 31 March 2020.
Paul Phillips, Group Director of Finance, said, "Achieving this
level of surplus is a solid achievement given the prevailing market
conditions during 2019/20 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."
NHG contact details: Andrew Sugden - Corporate Finance Director
on 020 3815 0356
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