LONDON - Stonewater Funding PLC, a prominent UK social housing provider, has released its half-year financial results for the period ending September 30, 2024. The unaudited figures reflect the company's operational performance and financial health as it approaches its 10th anniversary.
The company reported a turnover from social housing lettings of £133,273,000, up from £115,526,000 in the previous half-year, with a total turnover of £152,768,000. The operating surplus stood at £33,212,000, a slight decrease from the last half-year's £35,593,000, attributed to lower gains from asset disposal and increased operational costs.
Stonewater's gearing, a measure of financial leverage, was reported at 51%, a marginal increase from the previous year's 49.3%. The company maintains a stable A- credit rating from Standard & Poor's, reflecting its commitment to investing in existing homes despite the impact on its credit standing.
The company highlighted its recent £254 million funding package, supported by lenders including Barclays (LON:BARC), NatWest, and Nationwide, to invest in new and existing affordable homes. Stonewater also noted the completion of strategic mergers and acquisitions, including the integration of Bristowe Housing Association and Green Oak Housing Association into its operations.
Stonewater's environmental efforts remain a key focus, with a commitment to achieving net-zero carbon by 2050. The company retained its SHIFT Gold award for environmental improvements and is actively retrofitting homes to improve energy efficiency, with over 1,000 properties in the Midlands and South of England targeted for upgrades.
The report also detailed customer satisfaction rates, which have increased to 87.3%, and a decrease in void losses to 1.0%. Stonewater's development program has delivered 437 new homes, with a significant portion built to high environmental standards.
In terms of governance, Jane Scott joined the Stonewater Board in October 2024, bringing expertise in digital transformation to the organization.
Stonewater's financial results and operational achievements reflect its ongoing commitment to providing affordable housing and services to those in need, despite broader economic and political challenges in the UK housing sector. The information is based on a press release statement from Stonewater Funding PLC.
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