Financials

To enable us to achieve our ambitions, we run our business efficiently, with sector-leading margins and interest cover.

There's a balance we have to strike between three competing priorities, so our budgeting and spending decisions are an allocation of resources between these priorities, all of which are important.

"Maintaining our financial strength against a challenging economic backdrop is really important so that we can continue to provide excellent services, maintain the standard of our homes, and build more new homes to meet housing need for current and future customers."

- Duncan Brown, Chief Finance Officer

Our finances

We are fully committed to improving the level of service and maintaining our homes to the standard that our customers expect. We're determined to build a substantial number of new homes to meet the acute housing need in our area. And we're driven to maintain our financial strength against a backdrop of volatile interest rates, high inflation and a fragile housing market - this really matters because we want to be able to continue doing all of these things, even in difficult times.

Last year, we spent over £80m repairing, maintaining and improving our homes, the most we’ve ever spent. Last year, we built over 1,500 new homes, the most we’ve ever delivered in a year; and we maintained a 42% operating margin, which is among the highest in the sector. In trying to balance these priorities, we also have to deal with changes in the demands on each of them.

The standards that our customers expect from us, quite rightly, are rising and there are still tens of thousands of people in our area who don't have the home that they need.

Our full financial statements are available in the PDF version of our Annual Report and Accounts 2023-24 here

The capacity to achieve our ambitions

2018-19
2019-20
2020-21
2021-22
2022-23
2023-24
Turnover
250,158
326,660
310,994
303,328
332,852
357,850
Operating surplus
102,039
106,998
92,088
99,730
106,167
109,932
Net surplus before tax
73,071
71,115
62,357
72,214
72,136
54,319
Housing properties at cost
2,221,752
2,517,019
2,698,300
2,579,957
2,816,814
3,209,455
Long-term loans
1,050,125
1,273,718
1,312,444
1,406,295
1,537,374
1,890,612
Net current assets
105,463
161,720
136,546
150,589
108,651
121,523
Net assets
516,533
600,005
640,499
714,735
785,999
834,423
Operating cost per unit £s
3,157
3,380
3,512
3,516
3,854
4,275

All figures are £'000 unless otherwise indicated. Figures are stated in accordance with FRS102.

We’ve continued the steady growth in our asset base which has allowed us to maintain our financial strength during a challenging year. And our financial strength means we can invest more in our services to improve customer experience.

Download our Annual Report and Accounts