News

We’ve reported an operating surplus of £39.6m, 12.3% lower than the same period last year (2024: £46m).

This follows the publication of our Annual Report & Accounts 2024/25 in September, where we announced a surplus of £116.4m.

Tracey Barnes, Chief Financial Officer, said: “The Group remains financially strong and these results demonstrate our renewed focus on our core services as a housing association. Turnover decreased by 24% (£53.4m) year-on-year, reflecting the planned wind-down of development and outright sale programmes. This was further impacted by a significant land sale in the first half of 2024 and budgeted land sales in 2025 being delayed,

“Our operating margin increased to 23.9% (2024: 21.0%) due to a combination of planned efficiency savings being delivered and some decreases in responsive maintenance costs. Going forward we remain committed to implementing our improvement plans and investing in key operational areas to deliver better results for all our customers.”

Customer satisfaction

• Overall satisfaction with our services is 60.9% for Low-Cost Rental Accommodation
• Overall satisfaction is 26.4% for Low-Cost Home Ownership, both are increases from the previous year
• Customers want us to improve how we respond to enquiries, the quality of repairs, and complaint handling, all feature heavily in our improvement plans and the Voluntary Undertaking
• Over the next 12 months, we’re focused on improving customer satisfaction by driving service improvements to make sure that the work we are doing is having a positive impact
• £6.3m worth of social value was delivered in the first 6 months through our supported housing, tenancy sustainment and community investment teams.

Property

• The Group completed the handover of 8 units, out of the 10 units forecasted for delivery in 2026
• We’re prioritising Building Safety works alongside significant investment in the maintenance of our stock, and also in improving the quality of our repairs service
• Regeneration and Development Strategy being developed to improve properties and move forward with zero carbon initiatives to be undertaken with a variety of partners and funding models. Pilot planned in 2026.

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

An investor update presentation is also available on our website.