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A2 Dominion has posted a 拢12.8m deficit after recognising 拢32.4m of losses following writedowns and costs due to aborted developments.

The 36,000 home housing association revealed it made the deficit, compared to a surplus of 拢40.4m the year before, in its financial statement for 2022/23. Turnover fell 16% to 拢389.1m over the same period in the year to March.

The accounts follow the news last week that A2 Dominion is being investigated by the Regulator of Social Housing over a potential breach of the governance and financial viability standard.

London-based A2 Dominion revealed it has recognised a 拢16.9m impairment due to an increase in development costs. This relates to 523 units that previously had a net book value of 拢30.2m.

It said it had also incurred 拢7.9m of costs from several potential developments that were aborted due to the feasibility of schemes changing 鈥済iven the current economic conditions鈥�, along with 拢7.6m of further write-downs relating to the cost of sales.

A2 Dominion鈥檚 fall in turnover was due in part to a complete lack of land sale income, compared to 拢55m the previous year, and a 拢40m drop in property sale income due to scheme delays - higher than the 拢23.7m anticipated. Its operating costs increased by 27.1% to 拢57.7m.

The association built 745 homes, which was below its target of 775 and less than the 971 it completed the previous year.

Ian Wardle, chief executive of A2 Dominion, said the association is working to reduce its operating expenses, borrowings and interest costs to help ensure the organisation鈥檚 鈥渃ontinued financial sustainability and resilience鈥�.

He added: 鈥淎2Dominion hasn鈥檛 been immune to the tough economic challenges. This year鈥檚 financial performance has felt the full impact with rising inflation, interest rates, and energy costs, alongside tougher market conditions for construction and a reduced sales and development programme.鈥�

He said A2 Dominion has continued to invest in remediating buildings and improving its landlord services.