Pictured above: Peter McCormack
Derby-based housing provider Derwent Living has announced a
£774k increase in surplus since 2008.
Derwent Living reports that its operating costs were down at
£21.6 million in 2009 compared to £23.61 million in
2008. The organisation also increased its maintenance programme -
spending almost £1 million extra in 2009.
Derwent Living's annual report also shows that income from
social housing lettings rose by 23.5% from £15.97million to
£19.73million. There were also increases in income generated
from rent and management fees on student properties.
Peter McCormack, chief executive of Derwent Living said: "Like
many other housing providers, we have found the past couple of
years extremely tough. But unlike others we have continued to move
forward with our commercial ventures, especially in the student
accommodation market, to keep us in surplus. Our investment income
increased because of our earnings from our investment into the
Beach Student Accommodation Fund and new investment into Wakley
Residents Ltd, also linked to student accommodation. We are
now beginning to see light at the end of the tunnel and the figures
for 2009 support this.
"Also, the increase in the routine maintenance costs for
affordable housing reflects the considerable growth of our housing
stock over the last five years, which is around 25%. We have also
seen a marked increase in the expenditure on management and
services, which is similarly linked to the growth in the number of
homes."
Interest payable rose from £9.14million in 2008 to
£11.04million in 2009.
Mr McCormack adds: "These figures are a reflection of our
continued high level of development activity and the continued
ownership of properties originally intended for sale on a
shard ownership basis. Difficult economic conditions are still with
us and along with everyone else, we expect further challenges
ahead. But these figures are positive and show that Derwent Living
is in a strong position - as an organisation, we are ready to meet
those challenges and continue to work with our customers to provide
the best services we can."
Formed in 1964, Derwent Living is a not-for-profit organisation
providing affordable living to suit a range of lifestyles, now
managing more than 11,000 properties in the Midlands and South
Yorkshire.
Derwent Living's property portfolio includes affordable housing,
student living, property for key workers and young professionals,
and the organisation's highly successful Easy Living properties for
rent, sale and part-buy, part-rent.
For more information about Derwent Living, please visit their
website here: www.derwentliving.com