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LONDON - Paragon Asra Housing Limited (PA Housing), the parent company of Paragon Treasury Plc, has released its unaudited financial results for the fiscal year ending March 31, 2025. The company, which manages over 24,600 homes across the East Midlands, London, and Surrey, reported an operating surplus of $43.4 million from a turnover of $223.7 million, marking an operating margin of 19%, inclusive of impairment adjustments.
Despite facing cost pressures, particularly in responsive repairs, PA Housing managed to end the year with stable performance. The company’s focus on delivering services and investments in residents’ homes led to increased expenses in some areas, which were anticipated and managed throughout the year.
The operating surplus represents an increase from the previous year’s $39.6 million, and the turnover also saw a rise from $208.8 million. However, total available liquidity decreased to $373 million from $612 million the year before. The company noted that non-recurring fire safety remediation expenses continued to impact financial results, with $6.4 million spent in the year, but $3.5 million was recovered from contractors.
PA Housing achieved strong rent collection, with gross current resident rent arrears at 3.3%, the best performance since the company’s inception in 2017. The year also saw the highest number of new homes delivered since PA Housing was formed, with 407 new builds completed. Shared ownership sales exceeded budget expectations, with 175 sales generating $23 million in proceeds and a $4.9 million surplus.
The company highlighted its progress in fire safety, with negotiations with building contractors for remediation works moving forward and projects expected to commence in the upcoming fiscal year. PA Housing’s asset disposal activities also performed favorably, with a surplus of $4.7 million, which was $1.5 million above budget expectations.
The report also mentioned the appointment of Mike McDonagh as CEO in December 2022 and Suki Kalirai as Chair in September 2022. The company has made strides in its five-year Corporate Plan, with a focus on local-level service and resident engagement.
The development expenditure for the year was below budget due to delays and contractor insolvencies, leading to lower than anticipated loan drawdowns and reduced interest costs. Jessica Friend joined as Chief Financial Officer in March 2025, adding to the executive team’s strength.
PA Housing’s financial position remains solid, with tangible fixed assets in housing properties valued at $2.355 billion. The company’s net assets stand at $639.3 million, with reserves at the same level.
The information provided is based on a press release statement from PA Housing and reflects unaudited management accounts subject to change following audit.
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