Our financial performance and credit ratings have stabilised after positive year

We’ve released our 2024 financial statements up to 31 March 2024 and they show that our financial performance significantly improved in the last financial year.

Our turnover grew to £230m with an operating surplus of £51.7m (2023: 23.8m) and an operating margin of 20.2%, (2023: 8.2%) showing substantial gains from the previous year.

Our Chief Finance Officer, Jo Makinson, said: “Our results show the impact of the important decisions and actions we have taken since merger to restructure our funding portfolio and proactively focus on core social landlord activities.

“Like all housing providers we continue to face a raft of financial pressures, including inflation, higher interest rates and the increasing breadth and scale of requirements for investing in our existing homes. We are pleased that 2023-24 has put us in a much better position to face these head on and to continue to focus our investment on improving our homes and services for our customers.”  

We invested £22m in improvements to existing homes in the last financial year to March 2024; nearly double our investment in the previous year, and we expect to further accelerate this.  

We also continue to develop new homes, completing 463 new handovers in the year and taking our total contribution in the last three financial years to 1,579 new homes.  

Rating agency Fitch published its affirmation of our A- Stable rating last month. Fitch’s commentary can be found here.

Click here to read our Financial Statements for year ending 31 March 2024.