Managing our money and performance

This year, we made a net surplus of £72m which is an increase of 63% on the previous year and the second highest surplus in our history. £35m of this was from the sale of student accommodation in Student First Limited, a subsidiary of Network Homes. We’ll reinvest this money back into the business to help provide more affordable homes, maintain our existing homes and improve your services.

Turnover increased 17% to


Operating margin increased by 5.2% to


Reserves increased by 17% to



invested in new homes


invested in existing properties


private placement with US investors

*Other social income includes fees from agency contracts, supporting people contracts and sale of shared ownership properties.

** Non-social income includes rent from commercial properties, rent from student accommodation properties, and market sale properties.

Value for money

We’re always monitoring our services to make sure we’re delivering value for money. We benchmark our services using HouseMark, a membership-based organisation which seeks to help the social housing sector improve performance and achieve value for money.

What happens when we don’t meet our targets?

Our Performance Team works with the relevant team to look at the figures and see why performance is not as expected. We then put together an action plan to address the issues.

Our performance figures are also reported to our board, local panels and various relevant committees to hold the business to account.