TIDM14MC

RNS Number : 9452J

Midland Heart Capital PLC

21 August 2023

Midland Heart publishes strong financial performance

Housing association, Midland Heart, has published their financial and operational performance for the period of April 2022-March 2023.

Midland Heart have reported an annual turnover of GBP221.1m, an increase of GBP14.1m on the year previous, as well as a total surplus of GBP40.7m. This surplus has been invested in their homes, with GBP97.5m invested in new developments and an additional GBP20.7m invested in improving the organisation's current stock.

Midland Heart's financial resilience has allowed them to continue to invest in customer and digital services, front-line operations, new and existing homes, building safety and energy performance.

Highlights of this year's financial and operating report include:

   -      Tenant satisfaction scores of c.90% 
   -      100% building safety compliance across their portfolio of c35,000 homes

- Retaining the highest Governance and Viability rating (G1 V1) from the Regulator of Social Housing

- Retaining their strong investment grade A1 rating with a negative outlook from Moody's Investors Services.

The 2022/23 financial statements can be viewed on www.midlandheartgroup.org.uk.

For further details, please contact media@midlandheart.org.uk.

About Midland Heart

Midland Heart is a housing association that delivers homes and services across the Midlands that enable people to live as independently as possible. They own and manage 35,000 homes and are dedicated to providing high quality, safe and affordable homes, combined with excellent services to over 70,000 customers.

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