But development drops at recently renamed housing association
Vico Homes has reported an increase in surplus and turnover in its latest financial report.
Results for the year to March showed turnover, which has been steadily rising over the course of the decade, had increased from £194m to £209m.
This was due to increases in revenue from both social housing lettings, as a result of annual rent increase and additional units, and revenue from other activities, due to an increase in first tranche sales.
Vico, which rebranded from Wakefield and District Housing Limited in March, also reported its third successive annual rise in operating surplus, up from £33.2m to £50.7m, on nearly static operating costs.
The 32,000-home landlord, which provides homes across the north of England, had an overall surplus of £37.7m, up from £20.6m.
>> Read more: WDH rebrands as ‘Vico Homes’
Its EBITDA interest cover also increased to 263%, exceeding the targeted 193%
But new housing delivery dropped from 442 new homes to 329.
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