Financial perfomance strengthens
Our financial performance has improved while customer satisfaction continues to rise, it was announced at today’s Annual General Meeting.
Of the £11 million operating surplus generated in 2015/16, £9.5 million is being reinvested into building new homes.
With 48 new homes completed in 2015/16 and potential opportunities to build a further 150 already identified, including the first shared ownership properties, we are reinforcing our promise to always put back into local communities.
Ongo Homes is part of the Ongo group, which also includes the commercial roofing contractor Ashbridge Roofing, and recruitment agency Crosby Employment.
In 2015/16, around £600,000 was invested into community projects, many of which are focused on helping local people get into employment or training. This investment was boosted by an additional £150,000 of external grant funding.
More than 170 people were helped into employment, 36 apprenticeships were created, 75 people were supported into volunteering opportunities and 536 people were provided with intensive employment support, such as coaching and mentoring.
Our Chief Executive Andy Orrey said: “It is nine years since the company was first set up and since that time we have grown into a group of commercial and community-focused businesses with two aims, to generate revenue to build much needed affordable homes and increase the support available for people to improve their opportunities.
“The financial results for Ongo Homes are an improvement on previous years, with operating margins up from 25% to 28.7%. The effects of a 1% rent reduction have been mitigated and the business is in a strong position going forward.