Housing group announces record results

A housing group with a regional base in Boston has posted record financial results.

Longhurst Group, which has more than 21,000 properties, cut operating costs by 
£4.62 million during the 2016/17 financial year, while generating value for money savings of £1.8 million.

An overall surplus of more than £17 million before tax was also achieved, a record for the group.

An underlying operating margin of 36.38 per cent was also seen; a seven per cent increase on the last financial year, this was also a record.

The group did see its turnover reduce slightly, but it notes sales performance was strong, with the margin on new sales increasing from 19.9 per cent to 29.9 per cent.

Rob Griffiths, deputy chief executive and chief financial officer, said: “The group is committed to achieving and maintaining the highest standards of corporate governance to help deliver the objectives set out in our business plan and to manage risk. These results show that our new streamlined governance structure is helping us to realise these ambitions.”