Operating and pre-tax surpluses also rise
Turnover and surplus increased at Great Places in its most recent financial year.
Accounts for the year ending 31st March 2025 showed the 27,000-home provider had seen its turnover increase 12.8% from £172m to £194m, driven by higher rental income and growth in its number of properties.
Operating surplus rose to £50.2m from £46.7m in the year prior, while surplus before tax also increased from £23.6m to £29.5m.
The Manchester-based housing association, which operates across the North West and Yorkshire, completed 726 affordable homes in the year and sold 196 for shared ownership. It exceeded its target of delivering 698 affordable homes.
At the end of March it had roughly 2,350 affordable homes under construction.
Its in-house construction team and wholly-owned subsidiary, Terra Nova Developments Limited, has now completed 161 homes since its establishment in 2020. As at the end of March 2025, it had 129 homes in construction across 6 sites.
During the year, Great Places invested £5.5m in safety improvements, up from £3.5m, including installing smoke and fire detection systems, and progressing its remediation plans.
It also experienced a 5% increase in the number of repairs completed by its in-house team.
Its total debt stood at £764.7m, higher than the £680.5m recorded in 2024. Of this, 83.8% was fixed rate, which it said had protected it from the high interest rates experienced during the year.
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