99IY Paradigm H.51

TIDM99IY

RNS Number : 5125J

Paradigm Homes Charitable Housing

16 August 2023

Publication of annual report and financial statements of Paradigm Housing Group for the year ended 31 March 2023

The annual report and financial statements have been published by Paradigm Housing Group and are available for viewing at:

https://www.paradigmhousing.co.uk/about-paradigm/our-performance/financial-statements/

Paradigm Housing Group has published its financial statements for the year ended 31 March 2023 reporting a surplus of GBP17.8m and a strong operating margin of 39%.

The group, which has more than 16,000 homes across the South East, enhanced its customer support offer, maintained its headline customer satisfaction at 80% and improved customer satisfaction with the repairs service from 73% last year to 83% this year.

During the year, Paradigm:

   --    Completed 446 new affordable homes 

-- Invested GBP38.3m in repairing and improving its homes, completing over 37,000 repairs and replacing 1,200 key components (kitchens, bathrooms, windows, boilers etc)

-- Improved the average SAP rating of its homes with the % with an EPC C rating or above now at 73.3%

   --    Reduced four-week average arrears to 3.02% 
   --    Increased the number of homes in management to 16,237 
   --    Relet 518 homes. 

Nicola Ewen, Chief Financial Officer, said of the results: "I am pleased the results demonstrate that w e are delivering against our corporate plan while maintaining our position as a financially robust organisation with substantial liquidity, covenant headroom, unencumbered assets and strong margins in what has been a challenging year.

"While we have made some adjustments to our ambitions in terms of delivery of new homes and spending plans going forwards, our strong metrics give us a good platform to continue to deliver on our corporate plan, despite the ongoing challenges faced in the wider economy."

ENDS

For more information contact:

Anne Michael | Head of Communications

anne.michael@paradigmhousing.co.uk | 01628 811874

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END

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