CFO, Julian Pearce, said:
“The results are very positive, especially in the face of the ongoing challenges presented by the pandemic and the external environment.
While these challenges will continue, including cost pressures on material supply and labour, our ongoing financial stability will continue to support our mission to build and maintain quality homes and thriving communities to meet the needs of all our customers.”
- Core operating business demonstrated a strong and stable financial performance with an operating surplus of £25.1m which was £0.5m higher than the same period last year
- Operating cashflows from the core business increased by £1.9m to £32.1m and comfortably covered interest payments of £19.3m and £6.6m improvements to housing properties, providing a cash surplus of £5.7m to contribute to future development
- Credit rating outlook improved from negative to stable
- Turnover for the development and sales business of £32.8m was £18.4m higher than the same period last year resulting in a £7.1m increase in the surplus
- A substantial 27% increase to the overall operating surplus which has increased to £36.1m