Heylo Housing Registered Provider has increased its turnover by 25% despite remaining non-compliant with a regulatory standard.

The for-profit provider, which is financially backed by investment giant Blackrock, reported revenue of £27.5m for the year to 30 September, up from £22m the previous year.

The provider, which is currently non-compliant with the Regulator of Social Housing’s governance and financial viability standard, increased the number of shared ownership homes it has a leasehold interest in by 13% year-on-year to 7,404.