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Peabody surplus up – but pressing ahead with brutal cuts

DECEMBER 03, 2019

Despite announcing a £14 million rise in it’s surplus in the last six months taking it to £67 million, Peabody Housing are handing down brutal cuts to vital tenant services and impossible workloads are being forced on neighbourhood managers.

With no pay rise for six years, Unite members are now forced to ballot for strike action, see here. 

Many workers in Peabody’s Care and Support division are low paid and have received no pay increase for six years.  

Unite members in Care and Support are saying ‘enough is enough’ and have submitted a pay claim to redress the situation, see here.

Peabody’s Chief Financial Officer Susan Hickey is quoted outlining the performance in Inside Housing:

"This is a strong performance in the prevailing environment, with increased turnover and surplus.

Operating margins have improved compared to the equivalent period in 2018 on a like-for-like basis with a further improvement when TCH is included.

Sales margin of 23% reflects a performance on price and volume which is in line with expectations.

Liquidity is strong, with £1.4bn in available facilities and cash. Interest cover including capitalised repairs (EBITDA-MRI) is strong at 234%.”

There is no reason to axe valuable specialist housing management services or further squeeze basic housing management and Care and Support salaries are simply indefensible.

Paul Kershaw, Chair Unite housing workers LE1111

15th November 2019

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