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Orbit announces financial statements for 2018-19

With a growing property portfolio of over 43,000 homes, we continue to be one of the UK's leading developers of new homes for affordable and social rent and over the next 10 years aim to build 20,000 homes, of which 70% will be affordable. 

With a growing property portfolio of over 43,000 homes, we continue to be one of the UK's leading developers of new homes for affordable and social rent and over the next 10 years aim to build 20,000 homes, of which 70% will be affordable. 

The latest financial results demonstrate a robust balance sheet and a clear delivery strategy across the areas of service, property, people and profit for purpose.

2018/19 Highlights:-

  • Turnover £316m
  • Operating margin 36.7% (FY18: 32.5%)
  • Operating surplus £116m (FY18: £116m)
  • Sector’s largest single-tranche bond of £450m
  • Strategic partnership with Homes England of £129m
  • Customer satisfaction 86.1% (FY18: 82.7%)
  • Investment of £4.7m in our community projects (FY18: £3.8m)
  • Sunday Times 100 Best Companies to Work For, Not for Profit listing

Commenting on the results Mark Hoyland, Chief Executive said, “Against a backdrop of uncertain times for the UK economy and the housing industry as a whole, we have maintained an operating surplus of £116m and continue to invest in our homes and communities.

Our mission remains the same. We are clear that we have a significant role to play in tackling housing affordability. In the previous 12 months we have issued a £450m bond and alongside our £129m partnership with Homes England we now aim to build 20,000 homes over the next 10 years, with 70% of these being affordable.”

Joy Baggaley, Group Finance Director, commented: “These financial statements demonstrate a sound balance sheet which gives us the financial resilience to weather the UK’s economic uncertainty as we maintain a clear and driven focus on our strategy.

We have also secured a £129m strategic partnership with Homes England that will further support our homebuilding programme as we strengthen our commitment to providing solutions to the UKs housing shortage and affordability challenges faced by so many.

We have seen a significant increase in our customer satisfaction score with a rise from 82.7% in the last financial year, to 86.1% currently and have invested £4.7m into community projects.

In our first year of entry, we were included in the Sunday Times 100 Best Companies to Work For, Not-for-Profit listing. This underpins our commitment to be a great place to work and highlights the passion our people have for the delivery of our mission.

We currently have over 50 sites under development, with flagship multi-tenure developments at Arden Quarter in Stratford-upon-Avon, St Anne’s in Norwich and Victoria Quarter in Ashford. These developments are transforming areas of industrial or residential decline into modern and vibrant places to live.