But 26,000-home landlord undershoots target due to delayed schemes
Great Places Housing Group has almost doubled the number of homes it has started in the first quarter of the year.
The Manchester-based provider, in an unaudited trading update, said it started work on 224 homes in the three months to 30 June, up on the 113 it started in the same period last year.
It however missed its target for the first quarter, achieving 88% of the starts it had been aiming for.
It said: “Delays at two key schemes this quarter are expected to be resolved in the second quarter. We remain in a strong position to deliver our affordable development programme ambitions for 2025/26.”
It said its pre-tax surplus for the three months was £5.9m. This was £500,000 better than expected.
Its operating margin was 24.6%, slightly below its internal ‘golden rule’ of 25%.
The 26,000-home provider improved 218 homes to Energy Performance Certificate (EPC) of C or higher, meaning it now has 2,322 below the benchmark.
Overall resident satisfaction rose to 81.3%, up from 73.8% in the same quarter last year. However Great Places cautions the number of responses to date give a margin of error which is higher than that which is deemed acceptable by the Regulator of Social Housing.”
The provider last month announced the appointment of Cath Purdy as chair. Purdy retires as chief executive of South Lakes Housing at the end of August.
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