Plus Dane, a prominent housing association based in Liverpool, has exceeded its annual revenue targets for the fiscal year 2023-24.
However, despite this financial success, the organisation did not meet its post-tax surplus goals, falling slightly short of its projected figures.
Financial Performance
Plus Dane recorded a commendable revenue of £87.4 million for 2023-24, surpassing its target of £86.6 million. This performance marked a notable increase from the previous year’s turnover of £84.7 million. Moreover, the organisation reported a post-tax surplus of £2.9 million, a significant improvement compared to the 2022-23 deficit of £4.4 million. Despite this progress, the surplus fell short of the anticipated £3.3 million.
Operational Achievements
In terms of operations, the housing association achieved an operating surplus of £18.9 million, narrowly exceeding the target of £18.8 million. This figure represents a substantial increase from the prior year’s operating surplus of £8.7 million. Plus Dane also successfully constructed 159 new homes during the reporting period and initiated the development of an additional 277 homes.
Improvements and Repairs
The association completed nearly 50,000 repairs, up from 47,525 the previous year.
Chief Executive Ian Reed noted, ‘This year has been one of change as we strive to enhance the services we provide and invest more in our homes. I expect to see positive changes in our performance from next year.’
Leadership and Strategic Changes
Reed also highlighted the introduction of three new directors who have worked diligently to transform customer service offerings. He expressed confidence in their unified action plan designed to align services with customer needs and expectations. This plan has already led to some significant changes and improvements within the organisation.
In August, Plus Dane acquired the former headquarters of a dry-cleaning company located in Bootle, North Liverpool. The site is being developed into 104 new homes, including family houses and apartments.
Tenant Satisfaction and Safety Measures
This year marked the first time Plus Dane reported on its tenant satisfaction measures. Although the company did not meet its targets in many areas, improvements have been noted since these measures started in April 2023. ‘It is promising that we’ve maintained strong performance in keeping customers safe, with nearly 100% of all safety checks and required measures completed,’ said Reed.
Community Support and Financial Aid
Plus Dane also extended substantial support to its customers, responding to over 2,000 requests for assistance this year. The organisation secured £2.6 million in unclaimed benefits for customers, providing significant financial relief to many families.
Future Outlook
Moving forward, Reed and his team are committed to refining and enhancing the customer experience. Significant efforts will continue over the next 12 months to make dealing with the housing association easier and more efficient for its customers.
Overall, Plus Dane has demonstrated solid financial and operational performance, despite narrowly missing its post-tax surplus targets.
The continued investments in housing, improvements in service delivery, and initiatives to support tenants highlight a positive trajectory for the association. Reed and his team remain optimistic about further progress and advancements in the coming year.
