Midland Heart maintains financial resilience amid sector challenges

Housing association, Midland Heart, has published their financial and operational performance for the period of April 2022-March 2023.

21st Aug 2023 - Investor news

In a period that has seen the housing sector face unprecedented demands and significant changes, Midland Heart has continued to deliver a robust set of operational and financial results.

Despite this increasingly challenging operational and macro-economic environment, Midland Heart have reported an annual turnover of £221.1m, an increase of £14.1m on the year previous, as well as a total surplus of £40.7m. This surplus has been invested in their homes, with £97.5m invested in new developments and an additional £20.7m invested in improving the organisation’s current stock.

Midland Heart’s financial resilience has allowed them to continue to invest in customer and digital services, front-line operations, new and existing homes, building safety and energy performance.

Highlights of this year’s financial and operating report include tenant satisfaction scores of c.90% and full building safety compliance across their portfolio of c35,000 homes.

The organisation has also reported that it has maintained both its G1/V1 governance and financial viability rating from the regulator and strong investment grade A1 rating with a negative outlook from Moody’s Investors Services.

I truly believe this set of results show an organisation concentrating on the issues that matter most to its tenants and the challenges it must face in the future. I leave Midland Heart in the firm belief that it will continue to stay ahead of the curve and focused on its core purpose to be a first-class landlord that provides safe, decent, and secure homes across the Midlands.

John Edwards, Chair of Midland Heart

I am extremely proud of our efforts and all we have achieved in the last 12 months. We go into the final years of our current corporate plan as a simplified, tenant focused organisation that due to its financial stability can invest in the issues that matter most to our tenants and build the new affordable homes our region needs.

Glenn Harris, Chief Executive of Midland Heart

While there is always more work to do, Midland Heart is an organisation that looks to the future in strong financial health and operational clarity; with a sharp focus on delivering quality homes for their tenants.

Read the 2022/23 financial statements.