London & Quadrant’s latest results go under the spotlight

Extra income from an increased rental portfolio and additional home sales helped to boost London & Quadrant Housing Group’s turnover by £9m to £121m in 2003/4. The group’s annual report published on 8 July said a buoyant housing market helped to take sales proceeds from £21.3m to £25.6m.

New developments include the 3500-home Convoys Wharf project in Lewisham, south-east London. Regeneration costs and turnover have risen this year by £5.1m and £4.4m respectively.

This is largely down to Forest Homes, a stock transfer from Waltham Forest council, which joined the group in 2002/3.

This year, it generated an extra £4.3m in turnover. The surplus was spent on home improvements.

L&Q’s projects have included the regeneration of estates in Waltham Forest, Edmonton and Deptford. Work is set to begin in Greenwich and Lewisham.

Turnover: £121.2m
Interest: £25.83m
Surplus before tax: £23.9m
Units: 3300
Employees: 667
Turnover per employee: £181,681

Source

Housing Today