Our Financial Statements 2021/22

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.