Financial strength
Maintaining our financial strength
We have managed to improve our
revenues largely by an increase in receipts from properties built
for outright sale.
The majority of these are shared ownership
sales, which allow access to the housing market for lower earners
who cannot initially afford to buy the whole property.
We delivered a strong performance in
2009/10
Group Revenue £274.3m
Interest Cover 197%
Surplus for the year
£44.3m
A better deal for our residents
Our focus on costs is providing our
customers with real value for money.
The Audit Commission Short Notice Inspection
judged us to have ‘strengths considerably outweighing weaknesses’
in this area. In total, annual costs of some £6 million have been
removed from the business as a result of recent mergers. This year
we have also secured a range of procurement savings. Looking
forward we will be keeping up this pressure.
Our procurement efficiency savings will be
£12.2 million from 2010 to 2014 and our recent staff reorganisation
will lead to efficiency savings of £2 million from 2011
onwards.
Despite being a national organisation working in over 100 local
authorities, our scale of operation gives us the ability to keep
our costs low by spreading our overheads more efficiently than many
smaller organisations.