Platform Housing Group (LSE:17YE), the social housing provider behind Platform HG Financing Plc's bonds, reported total turnover of £97.5m for the quarter to June, up £5.2m (5.6%) from £92.3m a year earlier.
Core social housing rental income grew 7.2% to £84.4m, driven by new homes crystallising into additional rent, while shared ownership first tranche sales rose 12.9% to £7.5m.
Non-social housing turnover fell 20% to £4.8m as Platform wound down external maintenance services for Rooftop Housing Group during the quarter.
Operating surplus excluding asset sales rose 1.4% to £21.8m, but net surplus after tax fell to £8.6m from £11.7m, as net interest costs rose £2m to support £218m of additional year-on-year net debt.
Shared ownership margins dropped to 7.6% from 16.2%, with some schemes affected by demand and affordability pressures.
Investment in new homes jumped 33% to £102m, with 303 homes handed over against 260 a year earlier.
Net debt stood at £1,796m at the end of June, up from £1,578m, with gearing rising to 41.8% from 40.6% and EBITDA-MRI interest cover falling to 120% from 196%.
Platform retained A+ (negative outlook) ratings from S&P and Fitch, and G1/V1 regulatory gradings, with £625m of liquidity available.
Interim chief executive Kevin Bolt, who leaves in October, said the wider economic environment "continues to be highly dynamic" and welcomed the new government's signalled support for affordable housebuilding.
Emma Palmer succeeds Bolt as permanent chief executive in October, alongside Amanda Holgate as chief finance officer.
