Our Financial Achievements
Review of the Business year ending 31 March 2008:
The Group's turnover increased by 24% to £36.7m during the year as a result of the development programme (the Association increased its turnover by 46% to £28m).
Total Group assets increased by 28% to £468m (Association increase by 38% to £305m).
The Group reported a deficit of £3.4 million primarily as a result of our continued development activities and the advancement of planned maintenance designed to meet the Government's decent homes standard.
This result is in line with the Group's long term business plan projections. Group loan draw downs for the year totalled £98.7m to fund the development activity. The Group received £40.5m of capital grant funding from the Housing Corporation and local authorities (Association - £39.4 million).
Accounts:
