Strong financial results and housing completions, 2023/24

29 May 2024

Summary: Our full-year results to March 2024 show strong progress in underlying trading, numbers of homes delivered, and support for residents during the cost-of-living crisis.

Today we published our preliminary full-year results for the year to end March 2024 providing details of our financial performance.

Highlights include:

  • Total revenue increased to £423m (£389m 2022/23)
  • Underlying operating surplus improved to £126.6m (£121.7m 2022/23)
  • We delivered 892 homes in the full year, up from 657 in 2022/23, and we remain focused on our target to deliver circa 1000 homes per year
  • A record £729,000 was paid to residents through our Tenant Welfare Fund (£628,000 2022/23) to support residents facing hardship
  • £3m of value to residents in saved costs, benefits provision, and increased income through our financial advice services
  • A strong funding position with £807m of available liquidity to support our strategy for continued sustainable growth

CEO of MTVH Geeta Nanda, OBE, said: “The year to end-March 2024 has been one of significant progress towards our vision to provide more people with a decent home and the chance to live well.

This is an excellent performance against a backdrop of rising inflation and interest rates over the year, which put upward pressure on both operating and interest costs.

Our robust cash position supports our strategy to continue to invest in our customer experience, our existing properties, and the development of the new homes our country so desperately needs.

We are maintaining our target to deliver 1,000 homes per year, and we now have 5,556 new homes in our 5-year pipeline compared to 3,858 in 2022/23. Our housing delivery remained strong, particularly in the second half of the year.

In the first half of the year we delivered 293 homes and forecast a total of 815 new homes for the full year. We have exceeded that figure substantially to deliver 892 homes as our development partnerships moved forward successfully across our operating areas.

I will be stepping down as CEO in September and handing over to my successor. When we merged Metropolitan and Thames Valley Housing in 2018 to create MTVH our vision was to build a modern housing association of greater scale with the ability to bring more positive impact to peoples’ lives. We have invested in making this a reality through new systems, organisational design and the skills of our people and I am proud to see the strong culture, colleagues, leadership team and Board that make up MTVH today.

I am confident that this team, under new leadership, will continue to deliver on our strategy to serve people better every day and our vision to provide decent homes and the chance to live well.”