Group Finance Director for this leading property group, specialising in providing accommodation for older people.
Reporting to the Group Chief Executive, responsible for a finance function with 60 staff.In June 2006 was also given responsibility for managing the IT department.
My achievements included:
·Leading a fundamental review of the organisation’s business strategy and long term financial plans which had (to quote the Housing Corporation) “a major impact on Hanover’s financial profile” and resulted in an upgrade by the regulator of Hanover’s financial viability rating.Other results of the review included:
ØDriving improved operational and financial performance so that profit increased from £7m in 2004 to £12m in 2007, on turnover of £71m, up from £55m
ØDecision to enter into new market areas, notably development of ‘commercial’ properties for sale - utilising own balance sheet - and joining a PFI consortium
ØDifficult (for housing management staff) decisions to increase rents and reduce future capital expenditure on housing stock and prohibit take-on of unprofitable (charitable) business in the future.
·Bringing a more commercial approach to the organisation requiring it to re-evaluate many of its traditional methods of operation.Examples include:
ØLeading a review of Hanover’s procurement methods and developing a Group-wide procurement strategy (including establishment of an in-house procurement function) aimed at achieving savings of in excess of £1m.
ØIntroducing ‘hurdle rates’ for new development opportunities, so establishing the need to recognise project / portfolio risk and the need to make a more appropriate return on investment opportunities
ØIntroducing use of performance related bonuses for (relevant) senior staff
·Completely overhauled the finance function, (people, structures, processes, controls), in line with the blue print I proposed to the Board, resulting in:
ØRemoval by the regulator of the amber ‘traffic light’ rating for financial management previously placed on the business, with clean audit management letters for each year end I was responsible (as against the qualification for the year end prior to my joining)
·Raising more than £60m of new debt facilities to finance business growth and re-negotiating bank covenants on existing debt to make these consistent and more favourable to Hanover.