We had another strong financial performance this year, delivering a healthy surplus and maintaining a robust balance sheet and a sector-leading funding position. This enabled us to grow and sustain our business, even through COVID-19, and will continue to do so, so we can meet the ambitions of our 2050 Strategic Plan.
Our position was confirmed by the Regulator of Social Housing’s Regulatory Judgement in November 2020, which saw us retain our G1/V2 rating. The G1 rating demonstrates our robust governance and our V2 rating shows our solid financial position, combined with our commitment to investing in our homes and to deliver more affordable homes in the future. Additionally, S&P upgraded us to an A+ rating, with a Stable outlook, in July 2021 and Fitch also awarded us an A+ Stable rating in June 2021.
- Core operating income was £272.6m (2019/20: £265.6m)
- Core operating surplus was £85.4m (2019/20: £84.6m)
- Core operating margin of 31.3% (2019/20: 31.8%)
- Available liquidity of £907.6m (2019/20: £828.3m)