Midland Heart - Half Year Results
Midland Heart has published its financial and operational
performance, for the period from 1st April 2024 -
30th September 2024.
Financial highlights from the period include:
-
Turnover of £125,213k (2023: £114,317k)
-
Operating surplus of £47,347k (2023: £23,07k)
-
Overall operating margin of 30.1% (2023: 27.5%)
-
Gearing, as of 30th September 2024, at 27.0% (2023:
30.8%).
Operational highlights from the period include:
-
269 energy efficient affordable homes built, taking the
organisation's total number of homes to c.34,000
-
As of September 2024, 78% of these homes are at EPC C or above,
and;
-
90% tenant satisfaction and 92% satisfaction with the
organisation's repairs service.
The organisation also remains one of the few housing associations
to hold a score of G1 V1 from the Regulator of Social Housing and
A1 Stable credit rating from Moody's Investor Services.
As well as investing in its existing homes, Midland Heart has
committed to an extensive housing delivery strategy, which will see
it build and/or acquire an additional 4,000 homes before the end of
its current corporate plan period (2025). With funding support from
Homes England, the organisation is firmly on track to meet this
target with 269 new, affordable homes built during this six-month
period to September 2024.
Joe Reeves, Executive Director of Finance and Growth at Midland
Heart, commented: "As a result of our robust processes and our
strategic approach to investment and divestment, we are reporting
an exceptionally strong set of results for this six-month period.
These results show an organisation that is financially resilient
and hyper-focused on delivering on its core purpose as a landlord
and provider of good quality, affordable homes.
"We are about to launch our next corporate plan to 2030 and are
well positioned to make record levels of investment in our homes
and services. We have some of the oldest homes of any housing
association in the country, and over the course of our next plan,
we will complete an extensive programme of works to make these
homes energy efficient and fit for modern living."
On 30th September 2024, Midland Heart completed the sale
of 23 Retirement Living schemes to specialist Extra Care and
Retirement Living provider, Housing 21, after an extensive period
of consultation with residents and colleagues.
Speaking of this transfer, Mr Reeves added: "We believe Housing 21
will build on the high-quality services we have provided to our
tenants and offer colleagues more opportunities to develop in their
chosen careers. This transaction is part of our substantial
progress to simplify our business to focus on our core function as
a landlord of general needs, rented homes."
Midland Heart's half-year performance report for the period April
2024 to September 2024 will be placed on the Midland Heart investor
hub. For more information, or to arrange a meeting with us, please
contact Newbridge Advisors: ir@newbridge.co.uk.