Midland Heart Capital PLC Midland Heart Half Year Results

RNS Number : 7647Q

Midland Heart Capital PLC

19 December 2024

 

Midland Heart - Half Year Results

Midland Heart has published its financial and operational performance, for the period from 1^st April 2024 - 30^th September 2024.

Financial highlights from the period include:

• Turnover of £125,213k (2023: £114,317k)
• Operating surplus of £47,347k (2023: £23,07k)
• Overall operating margin of 30.1% (2023: 27.5%)
• Gearing, as of 30^th September 2024, at 27.0% (2023: 30.8%).

Operational highlights from the period include:

• 269 energy efficient affordable homes built, taking the organisation's total number of homes to c.34,000
• As of September 2024, 78% of these homes are at EPC C or above, and;
• 90% tenant satisfaction and 92% satisfaction with the organisation's repairs service.

The organisation also remains one of the few housing associations to hold a score of G1 V1 from the Regulator of Social Housing and A1 Stable credit rating from Moody's Investor Services.

As well as investing in its existing homes, Midland Heart has committed to an extensive housing delivery strategy, which will see it build and/or acquire an additional 4,000 homes before the end of its current corporate plan period (2025). With funding support from Homes England, the organisation is firmly on track to meet this target with 269 new, affordable homes built during this six-month period to September 2024.

Joe Reeves, Executive Director of Finance and Growth at Midland Heart, commented: "As a result of our robust processes and our strategic approach to investment and divestment, we are reporting an exceptionally strong set of results for this six-month period. These results show an organisation that is financially resilient and hyper-focused on delivering on its core purpose as a landlord and provider of good quality, affordable homes.

"We are about to launch our next corporate plan to 2030 and are well positioned to make record levels of investment in our homes and services. We have some of the oldest homes of any housing association in the country, and over the course of our next plan, we will complete an extensive programme of works to make these homes energy efficient and fit for modern living."

On 30^th September 2024, Midland Heart completed the sale of 23 Retirement Living schemes to specialist Extra Care and Retirement Living provider, Housing 21, after an extensive period of consultation with residents and colleagues.

Speaking of this transfer, Mr Reeves added: "We believe Housing 21 will build on the high-quality services we have provided to our tenants and offer colleagues more opportunities to develop in their chosen careers. This transaction is part of our substantial progress to simplify our business to focus on our core function as a landlord of general needs, rented homes."

Midland Heart's half-year performance report for the period April 2024 to September 2024 will be placed on the Midland Heart investor hub. For more information, or to arrange a meeting with us, please contact Newbridge Advisors: [e-mail]. 

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