Record investment and rising customer satisfaction provide “strong foundation” for Thirteen

The audited documents demonstrate a strong and resilient performance despite a challenging environment.

We invested £109.2million in maintaining and improving properties (2023: £88.3million) and £133.8million in affordable new homes (2023: £76.2million). Both represent new highs.

We also delivered a record 542 new properties (2023: 454) alongside an increased net surplus of £29million (2023: £24.4million).

Customer focus remained strong, as we achieved an improved customer satisfaction score of 89.1% (2023: 84.4%) and helped 619 people into jobs and training (2023: 533).

Turnover was up on the previous year at £207.3million (2023: £198million).

Our Chief Finance Officer, Jane Castor, said: “Providing safe and quality homes for our customers continues to be our primary focus, and it shines through in these results.

“Investment in our stock is at record levels and we’ve delivered a record number of affordable new homes.

“We’ve achieved a healthy 18.9% increase in net surplus and, whilst our interest cover has consciously reduced from the increased investment, we maintain the financial strength that underpins our long-term future.

“We are very pleased with the progress we have made with our funding strategy during 2023/24, having renegotiated our interest cover covenants to EBITDA only, raised £100million of additional long-term finance, and increased revolving credit facilities.

“This, together with our financial strength, gives us a strong foundation to raise additional funding and accelerate our investment in improving and building homes even further.

“We’ve delivered this while retaining our customer focus and recording a significant increase in customer satisfaction ratings.

“All in all, it’s a very encouraging set of results delivered against a backdrop of huge financial and operational challenges in the sector.”

Read the full Annual Report and Financial Statements 2023/24.