Notting Hill Genesis says more details will come in June

Housing association Notting Hill Genesis (NHG) has warned it will post a deficit for its current financial year after being hit for £110m of one-off costs.

The £728m turnover business said today that since publishing its interim results last November, it has found one-off items that will result in “a material deterioration in its full-year forecast”.

It added: “These provisions and write-offs relate substantively to recognition of building safety liabilities already included in our long-term plan cashflows and asset impairments.”


Notting Hill Genesis said the exceptional charge it will make in its next set of accounts will be for building safety repairs

A spokesperson added: “The group remains financially strong. We remain committed to improvement in homes for our residents.

“In June, we will provide a more detailed trading update for the year ended 31 March 2024 ahead of our full year results.”

Last September, the firm reported an 80% drop in its pre-tax surplus for the first half of the year from £87m to £18.3m as its sales income fell.

It also announced a plan to spend nearly £500m on improving existing stock over the next decade.

In its last set of results, Notting Hill Genesis said income in the year to March 2023 fell 13% to £728m while its post-tax surplus was down 8% to £94m.