Southern Housing Group delivers resilient performance in 2015/16
Southern Housing Group, one of the largest housing associations in London and the south east of England, released its Financial Statements and Annual Review for the year 2015/16.
With a surplus on operations of £57.5m, the Group maintained its financial strength, retaining its G1, V1 rating from the Homes and Communities Agency, and keeping its A1 rating with Moody’s.
Tom Dacey, Chief Executive of Southern Housing Group, said the Group delivered a resilient performance throughout the last financial year given the challenges the housing sector had to face.
“These results are a testament to our financial strength and ongoing solid performance as an independent housing provider; this will help further our goal of being ‘a business with social objectives’.
“We have never distributed our profits; every penny of surplus we make is reinvested in building quality affordable homes, improving existing homes and providing a range of support services to our customers.
As well as developing new homes, the Group also focused on continuing to invest in its communities in the last financial year.
“We completed 199 new homes during 2015/16 and have started to work on more than 700 new properties across London and the South East. Over the next 12 months the number of new homes under construction will greatly increase as we begin to develop sites we have recently acquired.
“We want to provide a more affordable housing and create ongoing income streams that can be reinvested to build more homes for people who need them.
“In 2015/16 we continued to support our customers. For example, we invested almost £30,000 in a joint project with Brighton and Hove Albion football club to deliver employment skills training alongside football sessions.
“Our Financial Inclusion Team helped customers claim more than £1m in benefits and grants, which has helped improved their quality of life.”
Other key results for the Group during 2015/16 include:
Becoming the first housing association in England to deliver a new mobility service for shared owners called Second Steps.
Welcoming its first customers at Cameron Close, the Group’s first ever PassivHaus development. The 28 homes represent a new approach to building for the Group and have already delivered substantial savings to its customers.
Delivering Phase 1 of Bow River Village, one of the Group’s largest development in London and providing customers the opportunity to live in East London, a highly desirable area, at an affordable price.
Launching Building our Future, a transformation programme to modernise the Group’s business practices and help the organisation better meet its customers’ demands.
Expanding its in-house repairs team, Southern Maintenance Service, generating savings of around £300,000 per year and significantly improving customer satisfaction.
Continuing to support its customers’ professional training and development through Southern Works, its free employment and training advice service.
The full Group Financial Statements and Annual Review and the Group’s Value for Money Statement can be found here.
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For all enquiries, please contact:
Jack Knowles Communications Officer Southern Housing Group 0207 324 1236