Turnover and surplus figures up in unaudited half-year update
GreenSquareAccord (GSA) has posted improved financial figures on the back of several factors including increases in rental income and the closure of loss-making operations.
In an unaudited six-month trading update to September 2026, GSA recorded turnover of £103.7m, up from £102.5m in the equivalent period the previous year.
Operating surplus was up from £26.1m to £33m, while overall surplus increased from £1.7m to £8.9m.
It comes as the housing association seeks to move back towards regulatory compliance, having been handed failing G3 and V3 governance and viability gradings by the Regulator of Social Housing last month.
It had been investigating GSA since May and found in its October judgement that there was insufficient evidence of substantial improvement.
GSA’s chief finance and investment officer Mona Shah attributed the improved operating surplus was due to six factors.
This included inflationary rental income rises, the closure of loss-making operations and an organisation-wide efficiency programme with a focus on reduced staff costs.
It also included reduced cost leakage in voids and related costs, stabilisation of repairs costs due to reduced reliance on third parties, and strong property sales performance.
“We recognise the need to continue strengthening how we operate,” said Shah.
“At the same time, it is important to acknowledge that this judgement reflects a period that has already prompted significant change, and many of the actions we have taken are now beginning to deliver positive results.”
EBITDA MRI Interest Cover improved from 111% to 128%, however GSA’s available liquidity fell from 48 months to 36.
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