Platform Housing Group has reported a decrease of over £40m in its net surplus after tax, which has fallen from £85m in the 2022/23 financial year to £41.4m in the year ending 31 March 2024.

According to its end-of-year financial results, the decrease is due to an £18m charge resulting from the closure of Platform’s membership of local government pension schemes and the transfer of “a number of colleagues” to its in-house pension contribution scheme.

In addition, Platform said that its operating surpluses and overall margins have also been affected by “pressures as we continue to balance investment in homes, customer services and high-cost inflation.”