Paradigm marks 30th anniversary with £26.2m surplus

Paradigm Housing Group marks its 30th anniversary with year end results reporting a surplus of £26.2m.

The financial results for 2017/18, published today, demonstrate the group is in a strong position to deliver its vision of building 600 new homes a year while continuing to look after existing homes and provide a fair deal for residents.

The surplus is lower than the £33.8m in 2016/17 largely due to breakage costs incurred in refinancing some of the Group’s loans. The surplus was generated on a turnover of £123.9m and an operating margin, excluding sales, of 47%.

During 2017/8 we spent £15.1m to maintain our existing homes and a further £2.6m on investments works so that we continue to provide high quality homes.

“We recently received a G1,V1 rating from the Regulator which reflects the rigour of our approach to managing and planning our business, and our overall financial performance in 2017/18” says Julian Ashby, Chair of Paradigm Housing Group.

“We have secured long term and development financing at very good margins, sufficient to fund the development of 600 much-needed new homes a year for the next three years.

“This year we completed 610 new homes, at a cost of £86.3m, of which 394 are for social or affordable rent and we are pleased to have major new development projects in the pipeline in Luton, High Wycombe and Chesham.”

Paradigm, which owns and manages almost 15,000 homes across London and the South East, donated £350,000 during the last year to the Paradigm Foundation which funds projects to support residents and communities in areas where Paradigm works.

Click here to see the full Annual Report and Financial Statements.