Orbit has reported another strong year financially, delivering profits of £38.3m and exceeding build targets by 18 per cent, despite a challenging time for the sector.
The year-end results coincide with Orbit regaining its G1 governance status, seven months after it was downgraded by the Homes and Communities Agency (HCA).
As the second largest developing housing association, Orbit has delivered more than 1,750 new homes in 2015-16 against its target of 1,486. With this 18 per cent increase in build, the group has seen a sales profit of £12.0m against a target of £10.9m for both market sale and shared ownership sales.
Orbit’s financial statements, published this week, show that in the year ending March 2016, the housing association achieved efficiency savings of £5.1m against a target of £4.9m.
Suzanne Forster, Orbit’s Group Finance Director, said: “Our strong year-end results are testament to a record year in building homes for sale, shared ownership and rent, as well as our focus on efficient delivery to drive our approach to profit for a purpose.
“We are committed to reinvesting our profits to build more homes to meet need and aspiration, and to create opportunities for people through our community investment activity, including helping more people into jobs and training and gaining digital skills.”
In 2015-16 Orbit helped more than 300 people into work, provided employment related training and support to 1,307 people, digital assistance to 861 customers and financial and energy advice to over 4,170 people – resulting in a record year for its community investment programme.
Orbit, which manages more than 39,000 homes, marks its 50th anniversary in 2017.
Suzanne added: “Approaching our 50th year provides an opportunity for Orbit to celebrate its commitment to long-term investment in building sustainable communities, and look ahead to how our financial strength enables us to continue to build homes and provide services that meet customers’ needs now and in the future.”