Orbit Group narrowly missed its development target for the first half of its financial year.

The 47,000-home housing association, in an unaudited trading update today for the six months to 30 September said it completed 353 homes against its initial target of 379. The figure for the half year was slightly higher however than the 341 built in the same period last year.

The group’s turnover fell slightly from £196m to £190.3m, but its operating surplus remained steady at £48.4m, compared to £48.3m the previous year.