99IY Paradigm H.51

TIDM99IY

RNS Number : 7900M

Paradigm Homes Charitable Housing

23 September 2021

Publication of annual report and financial statements of Paradigm Housing Group for the year ended 31 March 2021

The annual report and financial statements have been published by Paradigm Housing Group and are available for viewing at:

https://www.paradigmhousing.co.uk/about-paradigm/our-performance/financial-statements/

Paradigm Housing Group has reported a surplus of GBP54m, with the increase on last year being mainly driven by a large stock swap.

The surplus, which is recorded in the Financial Statements published today, is based on a strong operating margin of 54.5%.

The Group recorded a surplus last year of GBP15.7m but GBP35.3m of the 2020/21 surplus relates to accounting profit from the stock swap with another registered provider.

"The underlying financial performance is broadly in line with last year, despite the challenges of the pandemic" says Nicola Ewen, Executive Director of Finance.

During 2020/21 Paradigm:

   --    Built 289 new homes including 151 for rent and 110 shared ownership 

-- Invested GBP26.3m in repairs and improving their existing homes with a continued focus on the health and safety of residents

   --    Made more than 5,000 phone calls to support residents during the pandemic 
   --    Let over 500 homes, remaining within our target of 12 days for standard relet times 
   --    Saw tenant satisfaction increase to 84%. 

" Despite the extraordinary challenge of working under COVID-19 restrictions, we have retained our momentum, and our focus on the long-term sustainability of Paradigm's business," says Julian Ashby, Chair of Paradigm Housing Group.

"We sustained all of those services we were permitted to deliver. Essential maintenance and repairs continued, new homes continued to be completed, and we let homes to those who needed them.

"We have maintained our position as a financially robust organisation with substantial liquidity, covenant headroom, unencumbered assets and strong margins in what has been an unprecedented year of uncertainty."

In May 2021 Paradigm issued its first own name bond for GBP350m, backed by our debut A+ credit rating from Standard & Poors which confirmed our strong investment grade credentials, and based on a Sustainability Finance Framework which marks our long-term commitment to becoming a net zero carbon business.

ENDS

Paradigm Housing Group is one of the leading providers of affordable housing in the South East, managing over 15,000 homes. Our vision is to provide excellent services to customers and build new homes to help more people. We make sure our homes are safe and sustainable and strive to do more, by making the most of our resources.

We have grown over the last 30 years to become one of the largest social housing providers in the counties of Buckinghamshire, Hertfordshire and Bedfordshire.

For further information, please contact Anne Michael, Communications Manager at Paradigm on 01628 811874 or via Anne.Michael@ParadigmHousing.co.uk

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