Half-year financial results show resilient performance

We published our half-year trading statement today, Tuesday 22 November 2022, setting out how we’ve performed financially in the first six months of 2022/23.

The results present a broadly positive financial position, with a net surplus of £87 million, more than double the amount budgeted and well ahead of the figure for the comparable period in 2021/22.

The main drivers for this year’s positive performance to date are surpluses from staircasing (where shared owners buy a greater proportion of their home), asset sales and development income, which are all ahead of budget, along with favourable movements in financial derivatives.

The half-year results show that we remain a financially robust organisation, with substantial liquidity, and good relationships with our main lenders.

Having a solid financial base remains crucial, especially given the volatile external market and the challenges ahead, as costs rise and our residents experience increased pressure. Strong finances mean that we can continue to invest in existing homes and services, as well as build much-needed new properties for London and the surrounding area.