Three schemes hit by firms going bust
Birmingham housing association Platform said the number of homes it completed last year was down because of contractors going bust on three of its jobs.
The firm manages 50,000 homes and in a trading update this morning said it completed 1,028 homes in the year to 31 March, a fall of 14% on the same period last time.
It added the amount of money it spent on new schemes also fell, by 8%, which it blamed on contractors going under as well.
Platform said the three jobs had restarted but admitted: 鈥淒evelopment expenditures of 拢287m were slightly down on the prior year figure of 拢313m, in part due to these delays.鈥�
The group increased its turnover by 11% from 拢337m to 拢374m. This was driven largely by a 9.3% increase in social housing lettings income, although turnover from shared ownership first tranche sales also rose by 拢8m to 拢48.7m.
Platform鈥檚 adjusted surplus after tax rose 17% from 拢44.4m to 拢52.3m, after taking into account one-off pension costs.
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