Legal & General Affordable Homes (LGAH) has delivered its highest number of new homes to date but has seen its profit hit by revaluation losses for the year to 31 December 2023.
A trading update revealed that LGAH provided 1,304 new homes across the twelve-month period, taking the total number of completed homes owned by LGAH at the end of 2023 to 4,336, with an overall value of over £750million.
In 2023, LGAH also announced a combined pre-tax profit of £36.9million before valuation movements. During the year it reported unrealised revaluation movements of -£35.7million, meaning a profit before tax of £1.3million.
The update said that the growth demonstrates the viability of LGAH’s business model and an overall positive year for the business, having been one of few Registered Providers to be graded G1/V1 by the Regulator of Social Housing at the start of 2023. LGAH also received consistently high scores on Net Promoter Score surveys across the year, which underscores its ethos of putting the customers at the heart of its offering.
Chris Hewitt, chief investment officer at LGAH, said: “We’re extremely proud of what we’ve achieved since letting our first property in 2019. We’re a strong, fast-growing business and our figures for 2023 show our commitment to investing in the sector, putting us in good stead as we strive towards becoming the leading for-profit provider of affordable housing in the country.”
Ben Denton, chief executive at LGAH, said: “We’ve got a number of fresh faces across the business, including new board members and a new chair, who we’ve been working with over the past few months to refresh our strategies and approach as we build scale. We’re excited to put these into play over the next five years of our journey, driving growth to positively disrupt the sector.”
