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Stonewater boosts surplus by 38%
Housing association Stonewater has boosted its surplus by 38% to £39m in the past financial year, up from £28.3m in the previous one.
In its annual results, the 31,000-home association reported that its turnover had increased from £180.6m to £187.2m thanks to higher rental income because of an increase in its housing stock and shared ownership sales.
Social housing lettings accounted for 89% of this figure in 2017/18, staying roughly steady from the previous year’s proportion of 91%.
Meanwhile, it made a £15.6m surplus on disposal of fixed assets, up from £9.9m in the previous year.
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The association’s operating margin, however, decreased from 35.4% to 30.7%, mainly, Stonewater said, as a result of a higher spend on major repairs due to a comprehensive refurbishment it is carrying out on its retirement living properties.
In the year, Stonewater built 612 homes, and plans to increase its building programme to 1,000 homes a year from 2019/20. Of the homes it built in 2017/18, 425 were for affordable rent and 187 were for shared ownership.
In his statement on the accounts, chief executive Nicholas Harris wrote: “Stonewater is committed to its role as one of the leading housing providers in the UK.
“Over the past year, we have built over 600 new homes and we are fiercely ambitious to grow that number to a minimum of 1,000 homes per year from 2019/20.”
Last month, Stonewater received an A+ credit rating from Standard & Poor’s, putting it at the upper end of the sector, less than two weeks after the ratings agency downgraded five large housing associations regarding increases in their market sales programmes.
The association issued £250m worth of bonds in November last year, but did not plan to raise any money from it immediately, choosing to retain the entire amount for future use.
Housing association financial statements 2017/18
Click on the links below to read more reports about individual associations' financial statements:
A2 Dominion reports £92.5m surplus
Aster sees 12% jump in surplus despite margin drop
BPHA sees surplus jump after shared ownership sales boost
Clarion's surplus falls for second year running
Housing & Care 21 records increased surplus
Metropolitan sees surplus fall due to post-Grenfell costs
Midland Heart records £47.8m surplus
Network Homes surplus dips for the second consecutive year
Notting Hill and Genesis post reduced combined surplus
Optivo sees turnover fall in first results since merger
Orbit surplus boosted by jump in value of private rented units
Paradigm surplus drops after £5.6m loan breakage cost
Places for People boosts surplus to £130m
Southern sees dip in surplus due to pensions and safety costs
Sovereign boosts surplus thanks to open market sales
Stonewater increases surplus by 38%
Swan surplus slides after £3.2m cladding provision
Vivid posts increased surplus post-Merger
