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Stonewater reports halving of surplus and missed build targets as costs hit
34,000-home housing association hit by increase in operating costs
Stonewater has reported a halving of its annual surplus as its operating costs surge,
The 34,500-home housing association, in its accounts for the year to 31 March, reported a surplus of £23.9m, down on the £48.8m reported the previous year.
The drop in surplus was in part due to a 13% increase in operating costs to £139.6m.
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