Last checked at 14 Aug 2020 10:00
Publication of A2Dominion's Annual Report & Accounts 2020
A2Dominion Housing Group Ltd has today published its Annual Report & Accounts for the year ended 31 March 2020, recording a turnover of £320.4m and a net surplus of £19.5m. Surplus after interest charges rose by 66% to £22.1m (2019: £13.3m).
The audited Financial Statements can be found in the following location:
https://www.a2dominiongroup.co.uk/about/reports-and-accounts
As one of the UK's top developing housing associations, A2Dominion started build on over 1,400 new homes in the last financial year, including 391 for affordable and social rent. The new starts on site are part of the Group's healthy pipeline of 6,392 homes planned over the next five years and beyond, with more than half allocated for affordable and social rent.
The Group also continued to focus on improving its customer experience by investing in its services and people. It achieved an award for new homes customer service, with 96% of customers saying they would recommend A2Dominion. For homes in management, satisfaction with responsive repairs services reached 87%, exceeding its target by 2%. Rental collection remained strong despite the coronavirus pandemic, which started to impact at the end of March.
The organisation remains financially strong with an above peer average social housing margin of 34% and a maintained Fitch credit rating of A+.
Darrell Mercer, A2Dominion Group's Chief Executive, said: "I'm delighted that we have started onsite with over 1,400 homes this year, out of a healthy pipeline of 6,000 which will be developed over the next five years.Â
"In these uncertain times, I am also pleased that our ongoing community investment programme has delivered such strong results and is having an incredibly positive impact on our residents."
Other achievements in 2019/20 included:
• Raising a total of £235m of new finance to enable the Group to continue its growth and take on new development opportunities. This includes:
o £75m of revolving credit loan facilities Barclays Bank Plc;
o Two bond issues off its EMTN platform, totalling £160m from two investors.
• Delivering £10.6m social value from community investment programmes with customers benefitting from support services including financial and digital inclusion, health and wellbeing and employment and enterprise
• Named Employee Engagement Company of the Year at the UK & European Employee Engagement Awards 2019
• Retaining its G1/V2 rating following an in-depth assessment by the Regulator of Social Housing
Summary Financial Performance | Â Â | Â |
 |  |  |
GROUP STATEMENT OF COMPREHENSIVE INCOME AND EXPENDITURE | 2020 £M | 2019 £M |
Turnover | 320.4 | 372.2 |
Cost of sales | (66.1) | (128.4) |
Operating costs | (192.1) | (190.2) |
Surplus on sale of fixed assets | 9.4 | 9.7 |
Share of jointly controlled entity operating profit | 8.7 | 2.5 |
Operating surplus | 80.3 | 65.8 |
Operating margin | 25.1% | 17.7% |
Net interest charges | (58.2) | (52.5) |
Surplus after interest charges | 22.1 | 13.3 |
Change in fair value of investments | 0.5 | 0.3 |
Movement in fair value of financial instruments | (0.1) | 2.7 |
Movement in fair value of investment properties | (3.9) | 9.2 |
Taxation | 2.0 | (0.3) |
Non-controlling interest | (1.1) | (1.3) |
Net surplus for the year | 19.5 | 23.9 |
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GROUP STATEMENT OF FINANCIAL POSITION | 2020 £M | 2019 £M |
 |  |  |
Tangible fixed assets and investments | 3,575.6 | 3,408.8 |
Current assets | 457.3 | 509.4 |
Creditors including loans and borrowings | (1,984.2) | (1,883.4) |
Deferred capital grant | (1,081.6) | (1,089.4) |
Non-controlling interest | (1.2) | (1.4) |
Total reserves | 965.9 | 944.0 |
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A copy of the Annual Financial Statements has also been submitted to the FCA Electronic Submission System and will shortly be available for inspection.
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The Annual Report & Accounts 2020 can be found here: https://www.a2dominiongroup.co.uk/about/reports-and-accounts
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For further information, please contact:
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Ellie Lodge
A2Dominion Housing Group Ltd
The Point
37 North Wharf Road
London W2 1BD
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Tel: 07860 411202
Email: ellie.lodge@a2dominion.co.uk