Aster Group sees acquisition boost revenue

Sept. 1, 2023
<p>Aster Group has delivered “record” revenue and its highest total of homes, boosted by recent acquisitions.</p> <p><span>During the year to March 31 2023, the housing association, which has properties across the south of England and London, achieved a £301 million turnover against 2022’s £241 million. In January 2022, it completed its </span><a href="http://www.house-builder.co.uk/news/aster-and-central-and-cecil-confirm-merger">merger with London-based Central and Cecil (C&amp;C)</a><span>, a provider of care services and affordable homes.</span></p><p></p> <p><span>It also built 1,312 new properties, up </span><span>39</span><span>%</span><span> </span><span>on the previous year and the company’s highest total to date. At the same time, operating profit dropped to £66 million from 2022’s £76 million. </span></p><p>Pre-tax profit was £55 million against last year’s £171 million, although the latter figure reflected the C&amp;C acquisition. Aster said the latest pre-tax profit included a gain from its purchase of Enham Trust in October 2022, a Hampshire-based charity supporting disabled people to live more independent lives.</p> <p><span>These acquisitions follow Aster’s purchase of Dorset-based East Boro Housing Trust (EBHT) in early 2020. EBHT </span><span>specialises in housing and support services for the sheltered elderly, adults with learning disabilities and other vulnerable groups.</span></p><p></p> <p><span>Aster expects to build more than 1,100 homes in 2023/24; it plans to invest more than £2 billion to …

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