Despite a year of disruption caused by the Coronavirus pandemic, Newent-headquartered Two Rivers Housing Group increased its turnover from £26.9m to £28m.
The not-for-profit housing association, which builds and maintains homes across the Gloucestershire, also saw what it calls its ‘surplus’ rise from £3.3 million to £4.2 million after tax.
All ‘profits’ go back into the business, which in the last 12 months (2020/2021) invested £7.45 million building 84 new affordable homes in Gloucestershire and £5.1 million repairing and reletting properties.
Garry King, chief executive officer at Two Rivers Housing, said: ‘The past 12 months have brought a number of challenges.
‘The hard work and dedication of our team and our partners has helped us to deliver a strong set of results, that will enable us to continue to provide great homes and support the communities in which we work, and I am incredibly proud of everyone involved.’
The business said it had ‘a healthy pipeline of development opportunities for the coming years’.
Since 2018 it has built 401 new affordable homes and said it remained on track to hit its target of 1,000 by 2028.
In March 2021, it won a grant for more than £500,000 from the Department for Business, Energy and Industrial Strategy (BEIS) to run a decarbonisation pilot project in a small number of its homes in Blakeney in the Forest of Dean.
This project is the next step in its bid to become net-zero carbon by 2050 and will help it plan its long-term improvement programme for its older properties.
By Andrew Merrell