Business

'Strong financial performance' reported at Places for People

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3rd August 2018

Places for People has enjoyed another year of “strong financial and operational performance”, the placemaking and regeneration group said, releasing its annual report for 2017/18.

The group said its robust results would allow it to continue to invest in its existing homes, “build thousands of new homes and deliver positive social outcomes.” During its 2017/18 financial year, it increased the number of homes built or acquired by 38% to 2,097 against the comparable period the previous year. As of March 31, a further 2,507 homes were under construction.

The group’s operating profit lifted from £158.7 million in 2016/17 to £184.5 million. Its pre-tax profit rose from £119.7 million to £130.2 million.
In November 2017, Millwood Designer Homes became a subsidiary of the group, boosting Places for People’s housebuilding power, the company said.
During the financial year it also added Luminus Group, a Cambridgeshire-based housing association, to its structure.

The group’s investment and operations produced £76 million of social value in the communities in which it operates in 2017/18, Places for People said. It supported 675 people into employment, 1,494 into training or learning, and involved more than 4,500 young people in community activities. Across the group, it employed more than 900 apprentices.

David Cowans, Places for People’s group ceo, said: “Our not-for-dividend model means that all profits are reinvested back into homes and communities to help us to achieve our vision of creating places that work for everyone.

With the addition of Luminus Group and Millwood Designer Homes to the group, we have increased our asset base and the number of homes we manage, as well as enhancing our housebuilding capacity.”

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