Platform’s turnover boosted by rise in shared ownership sales income

Platform Housing Group has increased its turnover by 13.9%.

The 49,000-home housing association, in a trading update, said its turnover for the six months to 30 September was £189.6m, up on the £166.4m posted for the same period the previous year.

The Midlands-based landlord said its shared ownership sales income rose 57.8% while its social housing lettings turnover is up 8.2%.

The group’s investment in improving existing homes rose 84% from £14.1m to £25.9m.

Elizabeth Froude, chief executive of Platform Housing Group, said: “The year to date reflects our ongoing priority of putting our customers and the standard of their homes at the front of the queue. The investment in our existing homes has again been mobilised quicker this year, going from £14.1m to £25.9m, as we continue to improve the energy standards and comfort of all our homes.

“We also have a programme to deliver energy improvements to almost 1,000 homes as part of the Social Housing Decarbonisation Fund.”

The group completed 451 homes in the half-year, down slightly on the 480 completed in the same period a year earlier. The group increased its investment in new homes by 18.3% to £160.5m.

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The group’s operating surplus rose slightly from £47.8m to £49.9m but its operating margin fell from 28.7% to 26.3%. It said margins are “under pressure, driven by increased costs and continued investment into homes and services.”

Froude said:  ”Our operating surplus and net surplus margins are slightly down year-on-year, mostly reflecting the increased investment in existing homes and other one-off items such as office disposals in the prior year and breakage costs in managing our loan book in the current.  All of our financial metrics remain strong with solid headroom to our targets.”

Platform earlier this month also confirmed the appointment of Alan Hayward as managing director of its in-house repairs and maintenance arm Platform Property Care. Hayward was previously managing director of Morgan Sindall Property Services.

Platform in 2023/24 started 1,534 homes, which was its highest on record.