Turnover and surpluis rose last year at the provider
A 58.6% increase in investment in existing homes put pressure on interest cover at Platform Housing Group last year.
Investment in existing stock rose from £39.4m to £62.5m in the year to 31 March 2025, according to the 49,000-home association statutory results.
This put pressure on the organisation’s interest cover, which dropped 26 points.
While Platform’s headline figure for EBITDA-MRI interest cover showed an increase from 135% to 143%, this did not account for a significant adjustment to the number for the previous year.
Once adjusted for an £18m one-off pension cessation, the figures showed a drop in interest cover from 169% to 143%.
The provider also saw 11.1% turnover growth, with income increasing from £337m to £375m. Of this, 93.8% came from core social housing activities.
>> Read more: Sage Homes appoints Platform’s Elizabeth Froude as CEO
Pre-tax surplus was up from £26.4m to £53.5m, while its operating surplus was also up 46.3%, from £67m to £99m.
Investment in new homes dropped 8.1% to stand at £287.9m, with the number of new homes completed in the year also falling 13.8% from 1,202 to 1,036.
A recent trading update for the quarter to June 2025 showed operating surplus and interest cover at Platform had dropped on flat turnover.
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