News

We’ve reported an operating surplus of £46m, which is broadly flat when compared to the performance over the same period for last year (2023: £47.9m).

This follows the publication of our Annual Report & Accounts 2023/24 in September, where we announced an overall deficit of £21m.

These latest results come as we continue to prioritise service improvements and increase investment into our existing homes to deliver better results for our customers.

Tracey Barnes, Chief Finance Officer, said: “These results show good improvement in our financial outlook, with our turnover increasing year-on-year by £14.3m and sales turnover increasing by £8.4m.

“In line with others, we continue to face challenges in the current economic environment and experience higher operating costs. We’re making good progress in implementing our wide ranging improvement plans and are also continuing to invest in responsive repairs, planned maintenance and building safety to improve our customers’ homes. All our profits are spent on improving our customers’ homes and services, as well as providing new, much needed homes.”

Customer satisfaction

For the first six months of the year, overall satisfaction with our services was 51.2%. This is monitored through the customer perception tenant satisfaction measure. We know more needs to improve how we respond to enquiries, the quality of our repairs service and how we handle complaints.

Over the next 12 months, we are focused on improving customer satisfaction by driving service improvements to make sure that the work we are doing is having a positive impact for our customers.

We continue to prioritise supporting customers to meet challenges around affordability, support and well-being. In the first six months of this year, we have delivered £4.9m worth of social value through our supported housing, tenancy sustainment and community investment teams.

Development

We have successfully handed over 354 units during the first six months of the year, of which 29.1% (103 units) are for our affordable tenures, and we’re forecasting 926 units to be handed over by 31 March 2025.

The current development pipeline from 2024/25 onwards totals 1,210 units. We are also working on a Property Investment Strategy which includes a development and regeneration plan going forward.

For further information on the breakdown of our finances, please see our RNS statement.

An investor update presentation is also available on our website.