Turnover stable in 50,000-home provider’s half-year results
Platform Housing Group has reported a nearly 50% increase in completions in its latest financial update.
In unaduited results for the half year to 30 September 2025, the Midlands-focused housing association revealed completions had risen 46.8%, from 451 to 662.
The 50,000-home provider said the increase in completions was “part of a deliberate and continued strategy to help alleviate housing shortages”.
All of the new completions were for affordable tenures, with around a quarter being for social rent, a third for affordable rent and the remainder for low-cost home ownership.
Its development strategy remains focused on larger sites “in order to retain control over delivery and quality” and the provider secured more than £60m of Homes England top-up grant funding in the half-year, which will help deliver more than 600 new affordable homes.
However, investment in new homes during the period dropped 3.7% to £154.6m, along with investment in existing homes, which fell 1.9% to £25.4m.
It follows an 8% drop in investment in development revealed in Platform’s most recent full-year results, published in May, which the provider attributed to contractor insolvencies delaying three schemes.
Rosemary Farrar, Chief Financial Officer at Platform Housing Group said: “Our performance in the half-year continues to demonstrate financial resilience whilst improving outcomes for our customers and building more much needed homes.
“All of those new homes are for affordable tenures and all are highly energy efficient, helping to support those customers in need of genuinely affordable solutions to their housing requirements.”
Platform’s EBITDA-MRI interest cover also fell in comparison with the same period the year prior, dropping from 141% to 137%.
Turnover was down marginally (0.4%) from £189.6m to £188.8m, while operating surplus also fell 6.6% to £46.6m. The share of turnover coming from social housing lettings increased 5.7 percentage points to 84%.
Elizabeth Froude, Platform’s chief executive, who is set to join for-profit provider Sage Homes in the first quarter of next year, said that Investment in existing homes had “put some pressure on our operating margins”.
“The focus of this investment in the half-year was on accelerated repairs expenditure to create capacity to support compliance with Awaab’s law, which went live shortly after the period-end, and our new ‘book-a-repair’ service,” she said.
Largest 50 Housing Assocations 2025
For the first time and within less than two months since all the data was made public, Housing Today has published a full sortable table of the largest 50 housing associations in the UK according to their 2024/25 accounts.
Our interactive data table allows you to sort the providers by turnover, surplus, operating surplus, homes completed and homes owned and/or managed
We’ve analysed providers’ turnover, surplus, operating surplus, homes completed and homes owned and/or managed for the 2024/25 financial year.
Housing Today has dug into the data to show aggregated trends and which providers have shown the largest changes in their metrics year-on-year and why.
We’ve also pulled out key trends and talking points we’ve noticed from our reporting of financial statements over the past few months. Also find all our reports of HA accounts in one alphabeticised library. See below.
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