London Square affordable provider reports £836,000 loss

Square Roots, the affordable housing provider of London Square, posted a tax loss of £836,000 for the nine months to December 31 2023, according to its annual results.

The affordable arm gained registered provider status in 2022, previously seeing a loss of £808,000 in the year to March 31 2023. Barbara Richardson, Square Roots’ managing director, said these were “in line with anticipated results for a start-up organisation”.

She added that as an affordable provider, any future profits would be reinvested back in the business. She also pointed out that for the nine-month period, Square Roots’ total operating expenditure was 31% lower than budget. Its annual reporting period has adjusted to that of London Square and its parent company Aldar.

The housing provider also said it had “surged ahead” in its affordable homes delivery, with 1,800 homes under construction and in its pipeline. It stated that by the end of 2024, it would have 437 homes under ownership/management at Kingston, Lewisham and at its latest scheme in Hendon, “in line with growth aspirations”.

By the end of 2029, the company said it would have 3,500 homes under construction and/or ownership.

Square Roots has committed …