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 拢110m of one-off costs.

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

It added: 鈥淭hese provisions and write-offs relate substantively to recognition of building safety liabilities already included in our long-term plan cashflows and asset impairments.鈥�

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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: 鈥淭he group remains financially strong. We remain committed to improvement in homes for our residents.

鈥淚n June, we will provide a more detailed trading update for the year ended 31 March 2024 ahead of our full year results.鈥�

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

It also announced a plan to spend nearly 拢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 拢728m while its post-tax surplus was down 8% to 拢94m.

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