Tewkesbury-based housing association, Bromford, invested over £25m in existing homes in the six months to September 2023.

The housing association also delivered 472 new affordable, energy efficient homes.

During the period, it recorded turnover of £153m, while turnover from social housing lettings rose to £132m, accounting for 86% of total turnover for the period.

Bromford's post-tax surplus was £33m, the same as in 2022, although its operating surplus (£54m) and overall operating margin on social housing lettings (34%) were slightly down on what it had budgeted.

This was due in part to inflation and the rent cap, but also because of an increased spend on existing homes, as it continued to resolve damp and mould issues, investing £2.6m in the first six months of the year, against a full year budget of £1.8m.

The housing association expects to deliver £5m in efficiency savings this year through its strategic cost review, 80% of which have already been actioned, which will allow it to meet its budgeted social housing operating margin of 36% by year-end.

Robert Nettleton, chief executive, said: "Our mid-year results demonstrate our operational and financial strength, as we continue to respond to significant challenges in our sector and the wider economy. In the face of economic uncertainty and increasing focus on the condition of our homes, our priority is the wellbeing of our customers and our people.

"We are proud that our customer advocacy score has risen once again and is now at 89%; that we have invested over £25m in our existing homes; and that we have delivered 472 new affordable, energy efficient homes."

Of the 472 homes completed in the first half of the year, 212 were for social rent, and Bromford is on course to complete more than 1,200 homes by the end of March, all of which will either be for rent or shared ownership.

Bromford has secured planning permission for its biggest development to date for 180 new homes in Matson and to start work on developments in Winchcombe and Cheltenham, which will deliver 100 and 71 new homes respectively.