Financial resilience helps us build more homes

Our first half year financial update for investors

14th Dec 2020 - Investor news
By  Rob Hunter

Today we publish our first half year financial update for investors, which shows a stable outlook, despite the ongoing economic uncertainty.

After a challenging six months, we have maintained a stable operating surplus, and our top level A1 Stable Moody’s credit rating. This has enabled us to bring forward even more new homes to meet growing housing need, and support local jobs and supply chains.

We quickly adapted to our new operating environment, adopting strict Covid secure protocols and working with partners to overcome labour and materials shortages. We increased our homes on site to over 1,300, putting us on track to exceed last year’s corporate aim of delivering 3,000 homes over five years.

Investment in our existing homes has also continued, and we kept our repairs service as close as possible to business as usual, resulting in 90% customer satisfaction overall.

We recognise that the last six months have been very hard for many customers. We provided additional support to help over 700 customers sustain their tenancies and will continue to work closely with any customer who gets into difficulty.

Given how unpredictable this year has been, we felt it was particularly important to report back to our investors on how things have been going over the last six months. As the figures show, our prudent financial management enabled us to put real investment into communities, just when they needed it the most. I’m extremely proud of the considerable commitment and resilience our colleagues have shown.

Glenn Harris, Chief Executive Officer