Milestones
In 2009/10 we:
Have a record surplus of
£44.3M for the year to 31 March 2010.
Increased our revenue to
£274.3M up from £238M in 2008/09 and there was a decrease
in impairment for the year to £1.4M from £13.5M in 2009.
Generated profits on sales of
£5.9M. The majority of these were shared ownership
sales which allow access to the housing market for lower
earners.
Completed a ground breaking agreement
with major High Street lender Santander to launch an
exclusive shared ownership mortgage product which will provide
liquidity for low cost home ownership mortgages.
Had our Moodys Aa2 credit
rating confirmed.
Secured allocations from the Homes and
Communities Agency of £150M and exceeded all its targets,
making us a top quartile performer in all programme
categories.
Have seen £6M costs removed from
the business as a result of recent mergers.
Procurement efficiencies of £12.2M are anticipated from 2010 and a
recent internal restructure is expected to generate savings of £2M
from 2011 onwards.
Announced a £1.2M investment in our retrofitting
programme – Futurefit – which aims to develop improved low
carbon knowledge within the sector and practical solutions to
Government targets on reducing carbon emissions by 2020.