Wheatley surplus up as it increases investment in existing homes

Scotland’s largest housing association has reported increased surplus and turnover as it ramps up investment in improving existing homes.

Wheatley Group in a short trading update reported a surplus of £20.5m for the six months to 30 September, up from a deficit of £2.9m the previous year and higher than budgeted for.

Its operating surplus excluding one-off costs also rose from £31m to £56.6m, while its turnover increased from £202.3m to £234.5m.

The 94,000-home landlord said: “The group has continued to deliver a stable and resilient financial performance in the first six months of the year performing in line with budgetary expectations, providing a solid platform to achieve our strategic objectives.”

The group increased its investment in planned repairs and maintenance in the half-year by 6.6% to £84.1m, including spend on building safety, including gas and electrical checks, fire safety and tackling damp and mould.

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“The high quality of our homes remains a key strategic driver,” the update said.

Wheatley completed 284 homes in the six months, including 52 homes as part of a 325-home development in West Craigs, Edinburgh.

The figure for the first six months compares favourably to the 348 homes Wheatley built in the whole of the previous financial year (2023/24). The group in September said its future development depends on the level of grant funding from government.