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PA Housing (60VT) has reported an operating surplus of £40.3m from turnover of £156.8m, equating to an operating margin of 26%.
Total comprehensive income after interest and other adjustments (including positive movement of £14.3m on fair value of financial instruments as at the reporting date) was £27.7m. Total available liquidity as of 31 March 2021 was £264m.
Covid-19 has had some short-term impact on operations. In particular, the firms re-letting process, new build completions and shared ownership sales have been affected, with the latter also being impacted by the national delays with provision of EWS1 documents.
Largely because of these factors, turnover from lettings and sales ended the year a combined £18.1m (11%) behind budget. Expenditure plans were also disrupted, particularly on capital investment programmes. New development expenditure was £82.7m (39%) behind budget and capital maintenance was £3.4m (21%) behind.
PA Housing is the parent company of Paragon Treasury and a registered provider owning and managing 23,000 homes in the East Midlands, London and Surrey.