Metropolitan continues transformation
6 July 2018
| Corporate | News
Metropolitan’s transformation continues at pace, as highlighted in its annual report for 2017/18. Other highlights from the report, published today, include
- Partnership with Thames Valley progressing to plan
- £229m spent on new development (2017: £190m)
- Business transformation continues with investment in customer services, properties and long-term resilience
- Turnover up to £288m (2017: £266m)
- Increased investment in infrastructure and properties driving operating surplus down to £103m (2017: £117m)
- Total surplus before tax down to £65m (2017: £80m)
- 623 new homes completed (2017: 832 homes)
- Net debt £1,086m (2017: £969m) in line with our development strategy
- S&P credit rating maintained as A+ (negative outlook):
Geeta Nanda, Chief Executive of Metropolitan, commented: “This has been another solid year for Metropolitan. During the year, we invested significantly in the condition of our properties and enhanced the effectiveness of our repairs service. We aim to raise our customers’ satisfaction levels by focusing on what matters most to them and have restructured our team in order to deliver an improved service to customers.
“In January 2018 we announced the start of formal discussions with Thames Valley Housing to form a partnership. Together, we will be stronger and more resilient, with the capacity to do much more. Our plans are progressing as anticipated and we reaffirm our expectation that the transaction will complete in the autumn of 2018.
“Our sales performance continues to be strong, although there has been softening of the market in central London, especially at the higher end.”