Last updated - 16 November 2017
The financial year 2016/17 saw another solid year of financial performance with a pre-tax surplus of £25.0m. Our asset base grew by a further £55m to just under £3.1bn. Service transformation and more effective budgetary control have assisted us in delivering a further improvement in key operating and debt service margins.
The profit booking in 2016/17 enables us to maintain our stock of social housing, which remains a priority for us as a social purpose business – and, crucially, to develop a strong pipeline of 1,383 new homes at construction or pre-construction stage. This is in line with our Corporate Strategy objectives – and although we only completed 195 new homes in the year, we did so while largely closing down historic land-bank issues which were the millstone around our neck in the period following the 2009 crash.
From next year, we will see a significant upswing in completions across multiple tenures, matching the needs of our existing and future customer base and making an important contribution to tackling the housing crisis.
The financial statements for Genesis' other subsidiaries are available on request by contacting our Company Secretariat at:email@example.com