Council housing company loses £900,000 in first year
0London Borough of Barking and Dagenham’s wholly-owned housing company BeFirst made a trading loss of £900,000 in the first six months of its operation.
Annual accounts covering 2017/18 for the company showed an overall loss of £3.9m, of which £3m was made up of its opening pension liability.
However, a report that went to councillors said that the company – which began trading in October 2017 – “remains committed” to achieving an income to the council of £10.3m by 31 March 2021.
The report said that the latest management accounts position for 2018/19 shows an indicative pre-tax profit of around £500,000.
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