How Housing Solutions Group got back into the black

Housing Solutions Group went from a £1.76m deficit in 2003 to a £1.07m surplus this year – largely thanks to a £1.1m drop in interest payments.

It also signed a £70m bond deal with Harbour, run by Royal Bank of Canada, to replace £60m of fixed-rate loans.

The group invested £13.8m in new homes this year, up £1.5m on 2003. It spent £4.1m on improvements and maintenance.

Construction began on more than 200 homes and 63 were completed, including the group’s first key-worker homes in the Home Counties.

The group, formed in 2000, is made up of Maidenhead & District Housing Association, market rent arm Payton Homes and repairs service HSG Property Services.

Turnover:
£14,576,000 (04); £15,274,000 (03)

Units:
3274 (04); 3255 (03)

Operating surplus:
£3,672,000 (04); £3,304,000 (03)

Interest receivable:
£28,000 (04); £34,000 (03)

Interest payable:
£3,010,000 (04); £5,988,000 (03)

Employees:
140 (04); 139 (03)

Turnover per employee:
£104,114 (04); £109,884 (03)

Source

Housing Today