Last checked at 27 Nov 2019 12:45
Notting Hill Genesis (NHG) has recorded a surplus of £51.7m in the half year to 30 September 2019, as well as completing 630 new homes. The total number of homes owned or managed is currently over 65,000.
NHG will use its surplus, as reported in its half year trading statement published today (27 November 2019) and available at http://www.nhggroup.org.uk/investors/financial-statements to invest in its existing homes as well as continuing its programme of creating thousands more homes across London. Due to the uncertainty in the housing market, this programme will remain at a slower pace than originally planned.
The results show turnover increased by 12% to £343.5m compared with the same period for last year and our operating surplus increased by £5.4m to £108.7m. The growth in operating surplus can be attributed primarily to an increase in market rent activities and to income from joint venture activities. However net interest paid has increased by 16.1% to £60.7m due to the increased level of debt being carried during the period and a lower level of interest capitalised, so the overall surplus decreased by £4.5m compared with last year.
A print friendly version of the half year trading statement is at the following link
https://www.nhggroup.org.uk/sites/notting-hill-genesis/files/2019-11/19-09-30%20NHG%20Half%20Year%20Trading%20Statement%20final.pdf
A print friendly version of the presentation to investors given at the Notting Hill Genesis funders day on 27 November 2019 is at
https://www.nhggroup.org.uk/sites/notting-hill-genesis/files/2019-11/19-11-27%20Funders%20Day%20Presentation%20Finalcs2.pdf