Reduced sales and increased investment in stock hit numbers
GreenSquareAccord has recorded a drop in turnover and surplus in its half-year numbers.
Unaudited financial results for the half year to 30 September 2025 showed turnover stood at £102.5m, compared with £116m in the equivalent period the year prior.
This decrease was “primarily due to a reduced level of sales activity”, the housing associations said, “with open market sales turnover reducing £8.7m as we sell our last remaining properties in this area”.
The drop in sales income was only partially offset by inflationary increases to rental income and income from new homes brought into management.
Operating surplus stood at £26.1m, down from £31.1m, while net surplus dropped from £5.8m to £1.7m.
Mona Shah, chief finance and investment officer, said the decreased operating surplus was “due to increased investment in our existing homes in line with our planned strategy for 25/26”.
The provider spent £9.9m on its major works programme during the period, while its spend on fire and building safety activities increased by £3.7m.
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Shah said the housing association was facing a “challenging operating environment, with increased demand for services and therefore cost pressures, particularly in repairs and maintenance”.
During the period, the Regulator of Social Housing removed a regulatory notice it issued in 2021, which Shah said recognised “improvements we have made to building safety”.
“We already have plans in place for many of the areas the regulator identified for improvement and these will be a key focus for the remainder of this financial year,” she added.
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