A2Dominion built 875 much-needed high-quality new homes across London and southern England in the last year, making it one of the UK’s top developing housing associations.
Its completions for 2018/19 included 113 for affordable rent, 88 shared ownership, 24 social rent, 354 private sale and 296 private rent, with all surpluses reinvested into providing even more new homes and improved services.
The full A2Dominion Annual Report & Accounts 2019 is now available online.
The Group now has over 7,600 in the development pipeline and started building 1,837 in the last year alone – its highest ever.
A2Dominion also continued to focus on improving and investing in its customer services, achieving a 90% satisfaction rating with its responsive repairs service (a 12% increase over the past three years) and invested £1.6m into community programmes and initiatives.
The 38,000-home Group recorded a turnover of £372.2m (2018: £300.7m) and a net surplus of £23.9m, which was higher in 2018 (£92.5m) due to £40m of surplus from the completion of a joint venture development scheme in that year. The lower surplus also reflects the Group’s significant new investment of £13.5m into fire safety, in addition to its homes maintenance programme of £32.9m (2018: £24.1m).
The organisation remains financially strong with an above peer average social housing margin of 37.2% (2018: 42.4%) and a newly-retained Fitch credit rating of A+, one of the highest in the wider sector.
Darrell Mercer, A2Dominion Group’s Chief Executive, said:
“Whilst our operating environment remains challenging due to the on-going economic and political uncertainty, the Group remains in a very strong position.
“We have started to build more new homes than ever before, with 1,800 homes started in the last year alone. We are also continuing to focus on serving the needs of our customers, achieving high satisfaction across many key areas.”
To view the A2Dominion Annual Report & Accounts 2018/19 in full, visit www.a2dominiongroup.co.uk/reports