We have continued to invest in our homes, customer services and digital programme against a challenging economic backdrop.
The cost pressures experienced by us and the sector this year have been intense. Cost inflation was much higher than expected, especially around maintenance and construction activities. This has been exacerbated by a changing regulatory environment for both building safety and the green agenda, as well as increased demand from our customers.
Our core operating business saw reduced margins because of a variety of external factors. However, because of our financial strength, we’ve been able to make positive choices. We decided to increase our spend on repairs to meet customer demand. Other areas of additional spend included electrical inspections, communal heating, other utility cost increases and disrepairs.
- Operating surplus of £110m (2021/22: £111m)
- Operating margin of 29.5% (2021/22: 29.6%)
- Net assets of £807m (2021/22: £686m).
View and download our Financial statements for 2022/23 [PDF, 7MB]