26 November 2024
Summary: Details of our performance are published at the mid-point of the financial year.
Today we published our half-year financial results, showing our performance at the mid-point of the current 2024/25 financial year. Our results show that, despite a challenging economic environment, MTVH’s performance has been strong over the first six months of the year.
Our results for the first six months to the end of September 2024 show:
- Total revenue over the last year increased to £227m from £209m a year ago
- Investment in the safety and quality of our residents’ homes increased with £20m in capitalised improvement works (up from £16m last year)
- Our development programme is on track to deliver 569 new homes in the full year – delivering 236 new homes in the first half of the year
- Our number of home sales to 147 from 116 at the same time last year
At £61m, our operating surplus has reduced from £75m in the same period last year reflecting a reduction in our surplus from fixed asset disposals. Overall, our results demonstrate our resilience as an organisation and our commitment to investing in homes and services for residents.
The publication of our half-year results comes as MTVH’s Tenant Satisfaction Measures (TSM) shows that we are ahead of peers in overall satisfaction and treating customers with fairness and respect. We’re also continuing to use our Customer Voice Framework to provide meaningful opportunities for residents to engage with us on TSM topics and influence our decisions.
Commenting on our half year results, MTVH’s Chief Executive, Mel Barrett, said:
“Our half year results reflect our resilient business model and strong balance sheet which have allowed us to invest in existing stock, deliver fire safety remediation, look after our residents, and continue to develop new homes.
We have provided record levels of financial support to our customers through our Tenant Welfare Fund and having launched the Molly Huggins Foundation in July we will do more by leveraging the support of commercial partners and charitable donors.
We completed 236 homes in the first half of the year and are on track to deliver 569 in the full year. We will also invest a record amount this year in new developments, to help build the new affordable homes that the country badly needs.
Our strong first half performance leaves us confident for the full year outcome and our robust financial position is underscored by the A- (stable) ratings awarded by S&P and Fitch Ratings.
We welcome the rent settlement of CPI+1% confirmed in the Budget and urge the government to increase direct revenue funding at the Spring Spending Review to allow our sector to support its homebuilding plans.”