Firm completed more than 1,300 homes last year
Legal & General Affordable Homes has said its pre-tax profit for 2023 will be £1.3m, after accounting for £35.7m in unspecified revaluation costs.
The firm has released selected figures from its accounts for the year to 31 December, ahead of publication of its full audited figures later this month.
Despite the £35.7m hit, the pre-tax profit figure of £1.3m is up on the £808,000 posted for the previous year.
Legal & General said it delivered its highest number of new homes to date, completing 1,304 new homes in the year.
This takes the total number of completed homes owned by LGAH at the end of 2023 to 4,336, with an overall value of over £750m as at 31 December.
Chris Hewitt, chief investment officer at LGAH, said: “We’re extremely proud of what we’ve achieved since letting our first property in 2019.
“We’re a strong, fast growing business and our figures for 2023 show our commitment to investing in the sector, putting us in good stead as we strive towards becoming the leading for-profit provider of affordable housing in the country.”
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