Midland Heart reports strong financial results, including a perfect score of G1 V1 and A1

Midland Heart has published it’s latest financial and operational performance for the period of March 2023 - September 2023.

22nd Nov 2023 - Investor news

Following the recent publication of their annual financial summary, Midland Heart has published it’s latest financial and operational performance, reporting yet another strong set of results for the period of March 2023 - September 2023.

The results show another resilient, stable performance, with surplus before tax rising 3.7%, to £23.2m from £22.3m, despite higher operating costs during this period.

The organisation is one of the few housing associations in the country to report both a G1 V1 governance and financial viability rating from the regulator and strong investment grade A1 rating with a Stable  outlook from Moody’s Investors Services.

As part of an impressive housing delivery strategy, the leading Midlands landlord has delivered 253 new affordable homes in this operational period, with c.700 forecast for completion during the period of 2023/24.

Responsible for 35,000 homes, Midland Heart remains focused on its core purpose to be a first-class landlord that provides safe, decent, and secure homes across the Midlands. This is evidenced by a high customer satisfaction score of 89%, including 93% satisfaction in the handling of repairs.

The housing association has also held firm to its ESG agenda, making considerable progress improving the energy efficiency of its portfolio of homes, with 99% of properties now at EPC D and 72% at EPC C, as reported in September 2023. The organisation has also launched its first Sustainable Finance Framework, aligning social purpose and carbon reduction plans together with a funding and financial strategy.

In the last six months, we have delivered more safe, secure and affordable homes, reduced our re-let time to a record low of 16 days, in an effort to ensure these are available to those who need them as soon as possible, and increased tenant satisfaction in our services. By simplifying our business and focusing on providing decent, quality homes, we remain in a strong financial and operational position, and committed to investing in the issues that matter most to our tenants.

Joe Reeves, Executive Director of Finance & Growth, at Midland Heart

Our half-year performance report is available on our Investor Hub.