Paradigm Housing Group has published our Financial statement for 2019-20

Posted on the 7th September 2020

As a group we have reported a surplus of £15.7m and built 399 new homes last year.

The surplus is after impairment of £8.1m and is based on a strong operating margin of 33.3%.

Underlying performance levels have been maintained despite additional fire-related works of £1.6m and absorbing the final year of the Government’s 1% rent reductions.

During 2019/20 Paradigm:

⦁ Invested £74.1m in new affordable homes, completing 399 new homes worth £101m
⦁ Invested £25.8m in repairs and improving their existing homes with a continued focus on the health and safety of residents
⦁ Worked closely with its newly formed Resident Services Panel which was set up to scrutinise services
⦁ Sold 167 shared ownership homes, with a surplus of £5.3m
⦁ Approved significant investment in a transformation programme which will improve the quality and efficiency of services to residents.

“Our ability to adapt to a changing and challenging external environment, along with our strong financial position, means that we look ahead with confidence during these unprecedented times,” says Julian Ashby, Chair of Paradigm Housing Group.

“We remain committed to being one of the top performers in terms of numbers built for our size. We are reviewing the level of development and the tenure mix we should be aiming for in the light of the current economic uncertainty.”

The COVID-19 pandemic hit at the end of the financial year 2019/20 and Paradigm quickly adapted its services, with the safety of residents and staff being the main priority.

“Our office-based staff were able to work successfully from home and we continued to do urgent repairs and gas servicing,” says Chief Executive Matthew Bailes.

“We identified customers who might need more support and made almost 4,000 phone calls to put extra help in place, where it was needed. I am pleased our services are now starting to return to normal with appropriate measures in place.”

Paradigm has also recently exchanged on a deal to swap homes with The Guinness Partnership, with Paradigm buying 1,569 homes in High Wycombe, Luton, Milton Keynes, Vale of Aylesbury and Welwyn Hatfield and selling 1,208 homes in Hillingdon and Hounslow.

You can find the full Financial Statement here.

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