VIVID Housing has reported a 34% increase in surplus to £67m in its first year since merging.
Turnover was up 13% to £228m.
Sales contributed £14m to the surplus, up from £9m in 2016-2017.
Lettings activity produced an operating margin of 45% based on 30,000 homes for rent with a cost per unit of £2,800, 13% lower than the sector average.
Duncan Brown, Director of Finance and Technology, said: “We’re delighted to have posted such a strong set of results in our first year after merger. And securing our £150m private placement in April means we’re well-placed to keep delivering on our ambitions.”
VIVID completed 749 new homes in the financial year, an increase of 23%. And the Association remains on track to increase output to 1,200 new homes by 2020.
Mark Perry, Chief Executive, said: “We made a commitment to our customers and other stakeholders that we would build a strong business capable of delivering more homes and bright futures. Our first year’s results as VIVID demonstrate that we’re delivering on that commitment.
“But there’s more to do. And our strong results also demonstrate that we’re well placed to continue to play our part in meeting housing need and creating opportunities for customers to thrive and prosper.”
The Annual Report and Financial Statements 2017/18 were approved by the VIVD Housing Board on 12 July 2018 and will be formally received at the Annual General Meeting on 13 September 2018.