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Orbit reports record financial performance

Orbit has reported its strongest financial performance to date, delivering a 45 per cent increase in profits totalling £55.7m and a turnover of £333.3m in the year 2016-17.

Celebrating 50 years as an organisation, 40,000-home housing association Orbit, delivered an organisational record of 1,788 new homes developed in the last financial year and remains the country’s second largest developing housing association.

Mark Hoyland, chief executive at Orbit, said: “We are committed to our mission of building communities. The profits we generate continue to be reinvested in enhancing our services and customer offer, improving our existing properties, and in the development of more new homes.”

In 2016-17, with one of the largest community investment programmes in the sector, Orbit helped 324 people into work and 1,480 people undertake employment related training. More than 6,000 people also received financial and energy advice.

Mark added: “Despite operating in a challenging external environment, we continue to provide tailored services that meet the individual needs of our customers now and for the future. Our year-end results are a testament to the hard work and dedication of our 1,200 people.”

Orbit’s accounts, published this week, show that in the year ended March 2017, it achieved efficiency savings of £5.2m against a target of £3.1m.

Orbit celebrates the opening of its first private rented development in Stratford-upon-Avon this month. Fordham House provides 82 high quality one and two bedroom apartments and is one of the first developments in the West Midlands to offer first choice lettings with a priority to key workers.