Surplus and turnover up at 38,000-home landlord despite shared ownership income drop
Aster Group has increased its completions in the first half of 2024/25.
The 38,000-home housing association, in an unaudited trading update, revealed it completed 457 homes in the six months to 30 September. This is up from 402 in the same period the previous year.
Aster also increased its pre-tax surplus from £18.6m to £21.7m and its operating surplus from £37.3m to £42.2m. Turnover rose from £158.6m to £163.7m.
This is despite shared ownership first tranche sales income falling £2.1m to £16.2m.
>>See also: Aster announces £1bn plan to nearly double spend on stock improvements
Aster said: “First tranche sales market demand is still strong but hampered by delays in development handovers and reflect lower average initial shares sold.”
The landlord in September announced a plan to invest £1bn over the next seven years in improvements to its existing homes.
Aster made the pledge in its financial statements for the year to 31 March. The expenditure would be almost double the £543m it spent on existing homes over the previous seven years.
No comments yet