Orbit delivers more than 1,200 homes amid rise in surplus and turnover

Orbit described its financial performance as “robust” and “delivered despite the challenging and inflationary operating environment”.

It cited the impact of the cost of living crisis and high inflation that had seen increased demand for its tenant support programmes. 

Jonathan Wallbank, group finance director at Orbit, said: “The group has performed well, and our net assets have increased as a result of our investment in our existing homes and through new social and shared ownership homes being built, and revenue reserves remain strong. 

“With our continued strategic partnerships with Homes England – which will see us deliver over 3,800 homes – we remain financially well-placed with a strong financial liquidity position.”

Alongside additional investment in fuel poverty advice and mental health support services, Orbit also launched a new approach to biodiversity.

In May, the association secured its first sustainability-linked £100m loan to help achieve the aims set out in its updated sustainability strategy. 

Phil Andrew, chief executive at Orbit, said: “We have made great progress towards the delivery of our corporate strategy, Orbit 2025, and these results are a testament to that. 

“However, the external environment and legislative requirements have changed in recent years, and at the same time expectations of the sector have significantly increased.

“Working with our customers, colleagues, and the group board, we are currently developing the strategy that will take us to 2030, looking at what we need to action now and over the next five years so we can continue to deliver real improvements to our homes and the way we provide services for our customers.”