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RCS - Midland Heart - Midland Heart housing annual financial report

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RNS Number : 4656Z  Midland Heart  14 September 2022

Midland Heart increases operating margin, surplus and delivery of new homes


Birmingham based Housing Association Midland Heart have posted another set of
strong financial results.  The 34,000 home landlord has increased its
operating margin to 36.3%, surplus to £55.6m and the number of new affordable
homes built to 700, double the amount built during the last year of the


As a result of this strong day-to-day performance the landlord has maintained
their A1 Stable Moody's rating which is the highest in their sector and
achieved the highest possible rating for Governance and Viability from their


The housing provider also completed a 1,100 home stock swap, signed an
industry leading MoU with British Gas to explore ways of reducing the carbon
footprint of their existing stock and sold £75m of their retained bonds prior
to the market conditions tightening.


This has been achieved alongside a consistently high 90% level of customer
satisfaction, an c£18m strategy of planned investment which saw over 1,100
new bathrooms and kitchens fitted and with 100% build safety compliance.


Glenn Harris, Chief Executive of Midland Heart said:


"We remain in a strong financial and operational position as the result of the
decisions we made several years ago to simplify our business and focus on
providing a first-class landlord service.  Over the course of the last year
we have been able to focus on the things our customers have told us matter
most to them, including improving our app, recruiting more repairs operatives
and modernising kitchens and bathrooms.  We have done this while maintaining
the highest levels of building safety."


"This year we also handed over the keys to the country's first homes to meet
the government's new future homes standard in Handsworth Birmingham.  The new
affordable rent homes which were built with 80% less carbon footprint by local
builders using traditional methods are now home to families who had been on
the council's housing waiting list.  The energy efficiency of these homes is
being monitored by specialists at Birmingham City University so that we can
share our learning with both government and other Housing Associations."


To read their financial statement in full visit
(http://www.midlandheartgroup.org.uk/results) .






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