But build rates down on same period year prior
Paradigm Housing has reported an increase in turnover and operating surplus in its unaudited interim results.
In the six months ending 30 September 2024, the 16,000-home association increased its operating surplus by 5.3% to £31.9m.
Turnover was £77.1m, an increase of 3.6% on the same period the year prior. This came primarily from an increase in rents, due to the annual formula uplift of 7.7% along with rents from new homes.
Nicola Ewen, chief financial officer, said: “We continue to deliver our corporate plan objectives despite the challenging economic backdrop. Our operating margin of 41.4% reflects our financial strength.
“Our rental income remains stable, and we continue to invest in our existing homes and new homes in our area of operation.”
The Buckinghamshire-based organisation spent £24.5m in the first six months investing in and maintaining its existing homes and £45.7m on completing new homes.
It built 160 new homes for rent or shared ownership in the period, down from 229 in the same period the previous year.
Paradigm announced in August that it was cutting the number of homes it intends to build through its corporate plan by 15%.
It now aims to complete 1,950 homes over the five-year period instead of 2,250.
No comments yet