Scotland’s largest housing association has reported increased surplus and turnover as it ramps up investment in improving existing homes.

Wheatley Group in a short trading update reported a surplus of £20.5m for the six months to 30 September, up from a deficit of £2.9m the previous year and higher than budgeted for.

Its operating surplus excluding one-off costs also rose from £31m to £56.6m, while its turnover increased from £202.3m to £234.5m.