Platform HG Financing PLC, a UK-based social housing provider, released its half-year financial report for the period ending September 30, 2024. The report highlights the companys commitment to investing in its existing homes and services, resulting in an 84% increase in investment in existing homes. Despite these investments and challenging economic conditions, the company maintained its customer satisfaction at 78% and arrears at 3.2%, consistent with the previous year. The company also received A+ credit ratings from S&P and Fitch and the highest governance and viability ratings of G1/V1 from the Regulator for Social Housing. In terms of financial performance, the company reported a 13.9% increase in total turnover to £189.6 million, with shared ownership sales turnover increasing by 57.8%. However, operating margins decreased to 26.3% due to increased costs. The companys net surplus after tax decreased to £25.3 million compared to £28 million in the previous year. The report also provides an outlook for the future, with the company committed to investing in new and existing homes while maintaining financial stability.
| Year | Turnover | Social Housing Lettings Turnover | Operating Surplus | Net Surplus | Net Debt | Gearing | EBITDA-MRI Interest Cover |
|---|---|---|---|---|---|---|---|
| 2023 | £166.4m | £137.4m | £47.8m | £28.0m | £1,375m | 45.3% | 204% |
| 2024 | £189.6m | £148.6m | £49.9m | £25.3m | £1,502m | 45.1% | 140% |