MTVH announces half-year results for 2026/27

29 October 2026

Summary: MTVH has published its unaudited financial results for the first half of 2026/27, showing steady progress in improving existing homes, delivering new affordable housing and maintaining a stable financial position.

During the six months to 30 September 2026, MTVH invested £61.8 million in repairs, maintenance and capital works. The proportion of homes not meeting the Decent Homes Standard reduced from 4.5% to 2.8%.

MTVH also completed 444 new affordable homes during the period and remains on track to complete more than 1,000 homes over the full financial year.

This progress is supported by a stable and resilient financial position. Turnover increased to £239.3 million, operating surplus remained broadly unchanged at £62.5 million and interest cover improved from 176% to 184%.

MTVH met all its financial golden rules and had £784 million of available liquidity at the half-year point, £247 million above its golden rule requirement. The organisation has also retained A- stable credit ratings from Fitch and Standard & Poor's.

Your home: investing in existing homes

Providing safe, good-quality homes remains MTVH's first priority.

The £61.8 million invested during the first half of the year covered repairs, maintenance and capital works intended to keep residents safe and comfortable in their homes.

The proportion of homes not meeting the Decent Homes Standard reduced from 4.5% to 2.8% during the period. MTVH is also meeting the requirements of the first phase of Awaab's Law and preparing for its scope to expand.

Its fully funded building safety programme for Higher Risk Buildings continues to progress as planned.

Your service: listening and improving

Overall satisfaction among residents in rented homes remained consistent at 70%, compared with MTVH's target of 72%. Satisfaction with the repairs service was 74.8%, above the 72% target.

While the repairs result is encouraging, MTVH recognises that there is more to do to improve residents' experience consistently across its services.

The recently published Residents' Report provides an open account of what residents value and where MTVH needs to improve. Resident feedback has also informed MTVH 2030 and the organisation's refreshed approach to customer voice, helping ensure that residents' experiences influence priorities and decisions.

MTVH is continuing to simplify processes and make better use of technology so that colleagues can work more effectively and spend more time delivering for residents, while protecting frontline services.

Your future: providing more affordable homes

MTVH completed 444 affordable homes during the first half of 2026/27, compared with 476 during the same period last year. Delivery is expected to be weighted towards the second half of the year, and MTVH remains on track to complete more than 1,000 homes during 2026/27.

This follows a record year in which the organisation delivered more than 1,300 homes.

MTVH has also been awarded £299 million and Strategic Partner status through Homes England's Social and Affordable Homes Programme and is close to signing contracts.

Its development programme is supported by partnerships with Homes England, the Greater London Authority, local authorities and other organisations.

Alongside building new homes, MTVH is using acquisitions to provide additional affordable housing. This includes the acquisition of 56 completed homes at West Hendon that had originally been intended for private sale. They will become Barnet's first Key Worker Living Rent homes, helping key workers access good-quality, affordable rented homes closer to where they work.

Maintaining financial strength

MTVH's financial results remained stable during the first half of the year:

• Turnover increased to £239.3 million, from £222.2 million in the first half of 2025/26.
• Operating surplus was £62.5 million, compared with £62.9 million.
• Operating margin was 26%, compared with 27%.
• Interest cover improved to 184%, from 176%.
• Available liquidity was £784 million, £247 million above MTVH's golden rule requirement.
• All financial golden rules were met.
• MTVH retained A- stable credit ratings from Fitch and Standard & Poor's.

Net surplus was £13.9 million, compared with £16.8 million in the first half of last year. This reflected several factors, including increased operating costs associated with maintaining homes and services, changes to the accounting treatment of fire-safety costs, lower surpluses from sales and a reduced share of operating surplus from joint ventures.

Looking ahead

During the second half of the year, MTVH will continue to invest in existing homes, building safety and frontline service improvement while delivering new affordable homes responsibly.

It will also continue simplifying the organisation, improving technology and supporting colleagues to work more effectively without compromising the services residents rely on.

MTVH remains focused on delivering the three priorities in MTVH 2030: your home, your service and your future. This means improving existing homes and services, providing more safe and affordable homes, and maintaining the financial strength needed to continue doing both.

Read MTVH's full unaudited results for the six months to 30 September 2026: MF-plc-trading-update-for-Q2-2026-2027-RNS-Final.pdf