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Finance

Despite a challenging global economic environment, we remain in a strong financial position.

In 2019/20 we generated a surplus of £17M and saw improvements across a number of key financial metrics.

Our credit rating with Moody’s remains unchanged (A3 stable) and despite the decision by Fitch to change our outlook to A+ negative in light of the pandemic, we remain in a strong position to effectively manage the risks facing our business moving forward.

Following our merger with Equity in April 2020, we received an interim judgement from the Regulator of Social Housing that our Governance and Viability rating was being regraded to G1/V2.  While we would have hoped to keep our V1 rating, this regrade was expected in light of similar Regulator decisions for other housing associations with similar ambitious development programmes. However, we’re pleased to have retained our G1 rating for Governance which reaffirms our strong governance arrangements, effective risk management framework and consistent strategic approach.

Other pages in Annual Report 2020