Finance & I.T.
It has been another successful year for the BIH Group. Our continued growth has been based on a strong Financial foundation supported by our lenders, and the Department for Social Development.
This year our Housing Assets (based on Historic Cost) grew significantly (from £250 million to £315 million) highlighting our continued investment in new housing stock.
Turnover increased this year by nearly £2million to £14.1 million. With operating costs only increasing by £1.5 million to £10.3 our operating surplus has increased to £3.9 million (2007 £3.4 million).
A review of the Financial Ratios showed the gearing ratio at 18.9% (2007 14%) and interest cover at 5.15 times (2007 6.67 times).
Our exposure to financial risk is constantly being reviewed. We have revised the treasury management policy and a new risk management strategy in place to specifically provide assurance on high and frequent risk areas within the group.
A 3-year strategy is in place to exploit our investments in technology and to enhance productivity.
Developments this year have included:
- Introduction of proactive monitoring for our IT infrastructure to ensure high levels of service are maintained and problems can be solved with minimum downtime.
- New look website launched with updated content and improved accessibility.
- Roll out of internet access to residents in 18 sheltered schemes in partnership with Everybody Online.
I would like to take this opportunity to thank the dedication and support of all the Finance and I.T. team that contributed to another successful year for the Association.
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Raymond RobinsonFinance Director