Record surpluses for the Lancashire-based Progress Housing Group will see more investment in affordable homes across the UK.
The Leyland group has revealed plans in its latest Value for Money Assessment (VFM) to create hundreds more homes over the next few years, after posting a record surplus of £11m.
The group’s turnover increased by 7.4 per cent to £68.6m in 2013/14, and its alarm service, Progress Lifeline, saw turnover increase by 3.6 per cent to £1.4m.
The VFM assessment – an analysis of how effectively and efficiently housing associations are run – also revealed the housing provider made a saving of £400,000 over the year through a review of all of its contracts, identifying ways it could work more efficiently.
Other highlights from the 2013/2014 report include:
• Investing over £500,000 in community projects, which in turn have generated £400,000 for the local economy.
• Completing a £23m development programme create 231 new homes
Jacqui De-Rose, group chief executive, said: “Our continued focus on VFM has meant that, despite a reduction in government grant funding, our overall surplus has increased by 18 per cent, enabling us to build an average of 200 new affordable homes every year.
“VFM is a key priority for us, particularly as we know that so many of our tenants continue to struggle financially.”