The Midlands-based housing association completed 480 homes in the six months to September 2023

Platform Housing Group’s net surplus is £3m down according to its latest half-year results.

The Midlands-based landlord saw total turnover growth of 9.8% to £166.4m (from £151.6m in September 2022), in the six months to September 2023.

This growth was driven largely by social housing lettings turnover, which accounts for 83% of overall turnover, and was up 11% at £137.4m for the period (from £124.1m in 2022). 

Clarence Park

Platform’s Clarence Park Village scheme in Malvern

Operating surpluses increased  to £47.8m (from £46.3m in September 2022).

This year’s net surplus was almost 10% down at £28m in comparison to £31.1m in the previous year. 

This reduction was “mostly as a result of one-off items” such as office disposals and increases in financing costs (£22.8m in 2023 compared with £21.5 in 2022). 

Platform added 480 new homes in the half year to September 2023, (compared with 475 for the period in 2022). In an August update, it revealed plans to build 1,300 homes in 2023/24.

The majority of the 480 homes built this period were shared ownership (54%), with 107 (22%) were social rent, and 115 (24%) for affordable rent. 

The 48,522-home housing association said it had increased spending on updating its current homes from £9.4m in 2022 to £14.1m. 

Social housing lettings turnover increased by 10.7% to £137.4m ( £124.1m in September 2022), in part due to rent increases of 7%.

Lettings growth was also supported by a year-on-year increase in social housing homes, with 1,114 homes completed in the year to March 2023 and a further 480 homes completed in the six months to September 2023.

>>See also: House prices drop 1.2% as supply of homes for sale surges 34%, says Zoopla 

>>See also: Platform increases development amid contractor price increases

Turnover from shared ownership sales was down 3.2% to £18.3m (£18.9m in 2022). The number of shared ownership homes unsold at the half year was 168, of which 89 were reserved for purchase.  

“Our operating surpluses are up year-on-year and our net surpluses are slightly down, mostly as a result of one off items, such as office disposals in the prior year and one off breakage costs in managing our loan book,”  Elizabeth Froude, Platform’s chief executive officer, said