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Financial statements 2012/13

L&Q celebrates its 50th anniversary year with a strong set of  financial results that ensure it can continue investing in homes, services and communities across London and the South East.

Key points

  • In the year ended March 2013, we were able to commit additional capital expenditure of £445 million into our social mission after delivering a net surplus of £118 million. The surplus also allows L&Q to leverage up to £2 billion capacity for an increased development pipeline of 12,000 new homes 
  • The year also saw 1,444 new homes completed, turnover of £457 million and revenue reserves increase to £668 million
  • Net gearing is well within parameters at 56%, interest cover including asset sales is up 33% to 277% (260% - up by 40% excluding asset sales) and operating margins are 40% overall and 46% on social housing lettings. 

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