Sovini Group sees turnover hit £65m

Sovini Group sees turnover hit £65m

Merseyside-based Sovini Group has recorded a year-on-year pre-tax surplus increase of 57% after turning over £65m last year.

Sovini, which comprises commercial and not-for-profit elements, is a major housing developer in the North West and has continued to expand its portfolio and commercial activities.

One Vision Housing, the group’s founding organisation, increased its stock to around 13,000 in 2015 following the amalgamation with the former Venture Housing Association.

The group recorded a pre-tax surplus of £11.7m, up from £7.5m the previous year. Profits generated are reinvested in the group’s not-for-profit partners.

Executive director, Tracey Liggett, said: “Our financial performance for 201516 highlights the success of the ‘strength in numbers’ approach we have adopted as a group, the growth in the commercial arm of the group and a sustained focus on VFM.

“Performance has improved across a number of areas, culminating in record turnover and operating surplus.

“Though the 1% reduction in social housing rents will be reflected in next year’s figures, we continue to strengthen the commercial element of the group.

“Profits we generate will enable us to support the delivery of new homes and continue to invest in our existing stock.”