Onward Homes Limited Annual Financial Report (6127L)

TIDMYJ18

RNS Number : 6127L

Onward Homes Limited

06 September 2023

Onward Homes Limited

6 September 2023

Publication of annual report and financial statements of Onward Homes Limited for the year ended 31 March 2023

Onward Homes Limited is the charitable registered provider of social housing within the Onward Group . Onward Group Limited is the parent entity in the Onward Group and is a non-charitable registered provider of social housing.

The annual report and financial statements of both entities are published today and are available for viewing on Onward's website:

Onward Homes Limited

link_Onward website

Onward Group Limited

link_Onward website

Onward Homes Limited (OHL)

OHL has made a surplus for the year of GBP16.9m (2022: loss GBP21.8m). The loss in 2022 can be attributed to one-off loan breakage costs of GBP36.1m.

An other comprehensive deficit of GBP2.1m (2022: income GBP8.9m) has also been recognised in the year, following an increase in the Social Housing Pension Scheme pension deficit.

OHL ended the year with cash and short-term investments of GBP46.5m (2022: GBP31.9m). The increased cash position is as a result of the decreased debtors, specifically the repayment of intra-group borrowings by Atrium City Living during the year.

Onward Group Limited

The consolidated group has made a surplus for the year of GBP10.7m (2022: loss GBP22.5m). The loss in 2022 can be attributed to one-off loan breakage costs of GBP36.1m.

The financial statements include an impairment charge of GBP3.5m on the Group's two largest development schemes, following the financial hardship of the contractor, Lane End Developments Construction Limited. The charge was applied to the Group's subsidiary, Onward Build Limited (which is not a registered provider of social housing).

For further information, please contact:

Onward Homes Limited

Mike Gerrard

Executive Director of Finance

Renaissance Court

2 Christie Way

Didsbury

Manchester M21 7QY

Telephone: 0161 875 7953

Email: mike.gerrard@onward.co.uk

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September 06, 2023 10:22 ET (14:22 GMT)

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