Bulk sales and “careful” cost management behind 29% increase in operating surplus, London association says
Notting Hill Genesis has boosted its operating surplus and turnover in the first half of the financial year.
The 67,500-home association, in the six months to 30 September, posted turnover of £363.1m, a 9.8% increase on the same period the previous year.
Its operating surplus increased 29% to £100.7m over the same period.
The group’s income was boosted by two bulk sales, at Rainham and Beam Park in Havering and Lampton Road in Hounslow. This increased sales turnover from £12m to £27.9m.
NHG also said “careful management” ensured its operating costs remained flat in the first half of the year compared to the same period in 2023.
Patrick Franco, chief executive officer of Notting Hill Genesis, said: “We have made a solid start to the year, with the organisation progressing both strategically and financially.
“Good cost control helped drive growth in operating surplus and the operational changes and investment we have made in the last 12 months are beginning to deliver results.”
Patrick Franco, chief executive officer of Notting Hill Genesis, said: “We have made a solid start to the year, with the organisation progressing both strategically and financially. Good cost control helped drive growth in operating surplus and the operational changes and investment we have made in the last 12 months are beginning to deliver results.”
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Franco also said this week’s Autumn Budget “marked some progress” in the government’s housebuilding ambitions but “further action is needed.”
He said: “Housing associations like Notting Hill Genesis are eager to play a role in solving the housing crisis, but our ability to do so hinges on stronger support and investment from the government.”
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