LONDON - Orbit Group Limited, a prominent housing association, has reported a stable financial performance for the first half of its fiscal year, ending September 30, 2024. The company saw its group turnover increase to £196.0 million from £189.2 million in the prior year's corresponding period. Operating surplus, including the sale of fixed assets, reached £48.3 million, slightly up from £47.7 million in the previous year. However, the surplus for the period was £18.7 million, a decrease from the £22.0 million reported in the first half of the previous year.
The company also exceeded its housing construction targets by completing 341 new homes, surpassing the goal of 330, with 293 of these being affordable homes. This achievement comes amid a challenging property market, with Orbit maintaining its G1 (Governance) and V2 (Viability) rating from the Regulator of Social Housing and retaining its status as an HBF 5-Star housebuilder for the second consecutive year.
Orbit Group has been investing in customer experience, launching its 2030 Strategy and the Everyday Excellence transformation program earlier this year. The strategy aims to deliver one of the best customer experiences of any housing association in the country, with significant investments in technology, data infrastructure, and capability building. Early stages of the program have already seen a reduction in open complaints.
In terms of property investment, Orbit Group has committed £57.7 million to improve the quality and energy efficiency of its homes, with 85.8% of its properties now at EPC band C or above. The company has also extensively refurbished two independent living schemes. Housing fixed assets now total £3.23 billion, up from £3.09 billion, with net debt at £1.68 billion and £0.43 billion of available liquidity.
Supporting its community, Orbit Group has invested £1.3 million in its Better Days program, which provides a range of support services, including financial help, mental health resources, and employment and skills support. This program has delivered nearly 3,000 customer support interventions and returned £2 million to customers through various support initiatives.
Jonathan Wallbank, Group Finance Director of Orbit, highlighted the company's financial robustness and commitment to investment in homes and services. Phil Andrew, Group Chief Executive, expressed optimism about the company's direction with the launch of its new strategy and transformation plan, emphasizing the goal to provide exceptional customer service and create a resilient operation for the future.
The information reported is based on a press release statement from Orbit Group Limited.
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