TIDM99IY

RNS Number : 4863Z

Paradigm Homes Charitable Housing

14 September 2022

Publication of annual report and financial statements of Paradigm Housing Group for the year ended 31 March 2022

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 financial performance remains strong. Despite a challenging environment, the Group's operations sustained a strong operating margin of 42.9%.

During the year Paradigm Housing Group:

   --      Grew by 551 homes in the year through new development and stock acquisition 
   --      Increased the number of homes in management to more than 16,000 
   --      Let more than 550 homes

-- Invested GBP28.6m in repairing and improving existing homes with extra resources diverted to reduce work in progress built up by COVID-19.

The surplus from normal operating activities was GBP21.3m, which, after exceptional costs related to refinancing of GBP32.5m, gave a reported loss of GBP11.2m.

The initial refinancing costs are offset by ongoing reductions in our debt servicing costs, which are projected to be GBP2.3m in the current year, and the exercise has provided funding which will meet the Group's investment plans through the current five-year Corporate Plan period.

" We have retained our momentum and focus on the long-term sustainability of our business despite working under COVID-19 restrictions for a significant proportion of the year," says Nicola Ewen, Executive Director of Finance.

"In addition, we have maintained our position as a financially robust organisation with substantial liquidity, covenant headroom, unencumbered assets and strong margins in what has been a challenging year. Our debut credit rating, GBP350m bond issuance and the refinancing exercise have placed us on a secure platform to deliver our corporate plan ambitions going forward, despite the ongoing challenges faced in the wider economy."

ENDS

Notes to editors:

Paradigm Housing Group is one of the leading providers of affordable housing in the South East, managing over 16,000 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 and interview opportunities, please contact Andrew Dench on 01628 811848 or via Andrew.Dench@ParadigmHousing.co.uk

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END

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September 14, 2022 11:00 ET (15:00 GMT)

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