Our Financial Statements 2021/22

Posted on the 14th September 2022

Paradigm Housing Group have published their Financial Statements for the year ending 31 March 2022.

The surplus, which is recorded in the Financial Statements published is based on a strong operating margin of 42.9%.

During the year Paradigm:

  • Grew by 551 homes in the year through new development and stock acquisition
  • Increased the number of homes in management to more than 16,000
  • Let more than 550 homes
  • Invested £28.6m in repairing and improving existing homes with extra resources diverted to reduce work in progress built up by COVID-19.

The surplus from normal operating activities was £21.3m, which, after exceptional costs related to refinancing of £32.5m, gave a reported loss of £11.2m.

The initial refinancing costs are offset by ongoing reductions in our debt servicing costs, which are projected to be £2.3m in the current year, and the exercise has provided funding which will meet the Group’s investment plans through the current five-year Corporate Plan period.

“We have retained our momentum and focus on the long-term sustainability of our business despite working under COVID-19 restrictions for a significant proportion of the year,” says Nicola Ewen, Executive Director of Finance.

“In addition, we have maintained our position as a financially robust organisation with substantial liquidity, covenant headroom, unencumbered assets and strong margins in what has been a challenging year. Our debut credit rating, £350m bond issuance and the refinancing exercise have placed us on a secure platform to deliver our corporate plan ambitions going forward, despite the ongoing challenges faced in the wider economy.”

Read the latest financial statements in full here.

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