Metropolitan Thames Valley, the G15 housing association, has reported a loss before tax of £80.2m in its financial results for the year ended 31 March 2024.
For the previous year, MTVH reported a £33m surplus before tax.
The housing association had to pay out £110m during the year, largely in relation to fire safety provisions in respect of leaseholder remediation in blocks over 11 metres in height and associated asset write-downs of decommissioned blocks.
MTVH’s total revenue for the 2023/24 financial year increased by 9% from £389m to £423m, while its underlying operating surplus increased from £121.7m to £126.6m.
The housing association currently has 5,556 homes in its five-year pipeline, compared with 3,858 this time last year.
Geeta Nanda, outgoing chief executive of MTVH (pictured), said: “This is an excellent performance against a backdrop of rising inflation and interest rates over the year, which put upward pressure on both operating and interest costs.”
Nanda will step down as chief executive in September, with Melbourne Barrett taking over the role.
Photo © Metropolitan Thames Valley
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