Sovereign Network Group has increased its operating surplus to £171.5m, compared to £163.1m in 2022/23, with a turnover increase of £16.5m.

The 84,000-home housing association, which was formed in October 2023 when Sovereign Housing Association and Network Homes merged, reported a turnover of £707.8m in the 2023/24 financial year, compared to £691.3m the previous year.

SNG reported a strong financial and liquidity position with net debt of £3.6bn and available cash and undrawn facilities of £983m at the end of March 2024, which it said ensures its ongoing ability to support both operational cash requirements and development plans.