Housing association Aster Group has announced that its revenues for the year to March 2019 have risen to £212m.
Housing association Aster Group has announced another year of major investment as it reports a rise in revenues and profits in its last financial year. The group plans to invest £55m during the 2019/20 financial year in improving its 30,000-strong portfolio of homes across the south of England.
The announcement comes as Aster reveals another strong set of results for the year to the end of March 2019, with turnover increasing to £212m (2018: £205m). During the same period, pre-tax profit rose to £55m (2018: £50m).
The group completed 1,156 homes last year, including 453 for shared ownership – its highest annual total to date – and 600 for social and affordable rent.
Aster has confirmed it plans to build another 1,100 new homes in the 2019/20 financial year.
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Bjorn Howard, Group CEO of Aster Group, said: “We recognise that investment in maintaining and improving our homes, continuing to invest in health and safety, our colleague offer and customer experience are equally as important as playing our part in delivering the variety and volume of homes the UK needs. Continuing strong financial performance and our not-for-dividend model are why we’re now able to embark on one of our biggest ever years of investment.
“We’re entering a crucial period for the UK and for housing specifically. The need for good-quality, affordable homes has rarely been greater and the decisions we make now on how to address the housing challenges we face, will have an impact for years to come.”
Bjorn Howard added: “Looking ahead, we’re confident we have the platform to continue our work in boosting the supply of high-quality affordable housing across the south of England. In this regard, choice is as important as supply, which is why our development pipeline includes homes in a range of tenures including social rent, affordable rent and shared ownership.”
