Q2 performance update
Summary by AI BETAClose X
QUARTERLY PERFORMANCE UPDATE
Covering performance for the period ending 30 September 2026
Great Places Housing Group
Our performance updates provide regular, timely information regarding the performance of the Group. They are published quarterly, usually within six weeks of the quarter end.
The information included is based on unaudited management accounts and other internal performance measures.
FINANCIAL PERFORMANCE: QUARTER TWO
Surplus before tax in the 6-month period to September 2026 was £17m, ahead of budget largely due to timing of fixed asset sales, major repairs and interest savings. All our covenants and golden rules were met, relating to interest cover, gearing and operating margin.
Drawn debt (excluding bond/loan premium and loan fees) was £972m, increasing from £934m last quarter due to £29m drawn term loan, of a total £50m agreed, plus £10m net drawdown of revolving credit facilities, offset by £1m scheduled repayments. Undrawn agreed facilities increased to £537m from £526m last quarter.
Mark to market exposure on interest rate derivatives was £2.8m in favour of Great Places, due to the high interest rate environment.
OPERATIONAL PERFORMANCE
Our Signals for Success (SfS) framework continues to provide a balanced view of performance across customers, homes, people and financial resilience. Quarter two saw strong performance across customer services, colleague engagement, property sales and income collection. We also delivered new homes and invested in existing properties, helping more people access affordable housing and supporting customers to live in warm, safe and sustainable homes.
Our Homes
We completed 490 new homes in the half year to September, and have a strong pipeline of homes progressing through construction. Alongside new build delivery, we invested in existing homes through energy efficiency improvements, renewable energy measures and updated energy assessments, to improve the quality and sustainability of homes for our customers and raise the EPC ratings.
Customer satisfaction improved during the quarter, reflecting our focus on service improvements and customer experience. Satisfaction among rented customers increased to 78.9%, while satisfaction among low-cost home ownership customers increased to 53.1%, exceeding the annual target.
Repairs satisfaction remained strong at 8.9, exceeding target, while the ease of contact score improved to 7.1, achieving target. Both measures are reported on a 10-point scale.
Tenant satisfaction measures remained broadly stable, with positive feedback across building safety and neighbourhood management.
Our People
Colleague engagement remained strong at 88.3% (target 85%).
Employee retention improved during the quarter, with fewer colleagues leaving within their first 12 months of employment and performance remaining ahead of target. Sickness absence remained stable at 4.1% as we continued to support colleagues through a range of health and wellbeing initiatives.
Financial Viability
First-half interest cover was 158.0% against a full-year target of 103.6%, supported by sales timing, lower operating costs and reduced net interest costs. Reactive repairs volumes remained stable. Current tenant arrears were 3.1%, better than the 3.2% target, supported by continued focus on income collection. Rent lost through empty properties totalled £0.67m at September against a full-year target of £1.25m. Demand for new-build homes remains strong, supported by high levels of off-plan sales on newer schemes.
CORPORATE NEWS
£320.6m secured to deliver 2,600 affordable homes
The funding marks our third Strategic Partnership with Homes England and reflects continued confidence in our ability to deliver new homes and support regeneration at scale. The investment will help us bring forward more affordable housing, respond to housing need and create opportunities for people and communities across the regions we serve.
£50m funding secured to support delivery of around 500 new social rent homes
The NatWest social loan facility reflects confidence in our financial strength and long-term commitment to delivering social value across the regions we serve.
Great Places named Developer of the Year at Manchester Property Awards
The award recognises our delivery of affordable homes and regeneration projects across Greater Manchester. It reflects the strength of our development programme and our ability to work with partners to deliver new homes in our communities.
88 affordable homes completed at Foxhall Village regeneration area
Delivered in partnership with Blackpool Council and Homes England, the development has transformed a former brownfield site and provides a mix of houses and apartments for affordable rent. The latest phase takes the total number of homes delivered at Foxhall Village to 282, supporting the creation of a new neighbourhood and contributing to the wider regeneration of the area.
Other news
For other news see our website News & Blog - Great Places
FEEDBACK
We welcome feedback on our performance update. Please contact Mike Gerrard, Chief Financial Officer, at communications@greatplaces.org.uk
The information included within this report is for information purposes only. The financial results quoted are unaudited. The report may contain forward looking statements and actual outcomes may differ materially. No statement in the report is intended to be a profit estimate or forecast. We do not undertake to revise such statements if our expectations change in response to events. This report does not constitute legal, tax, accounting or investment advice.
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