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We have announced rising customer satisfaction and improved operating margin in a strong set of annual accounts published today. 
 
Despite the challenges posed by the pandemic, we continued putting customers at the heart of our approach and saw customer satisfaction rise by 3% to 85% whilst arrears fell to 1.9%. The 2020 to 2021 financial statements show that social housing operating margin increased to 35% from 32%, overall operating margin strengthened by 1% to 37%, and surplus for the year grew by £14m to £62m. 
 
Read our Annual Report and Financial Statements 2020 to 2021. 
 
During the year, we completed 902 new homes, a reduction from the 1,027 delivered last year, which was mainly due to having to close construction sites for two months during the first national lockdown. However, we continued with our strategy of increasing the delivery of social rented homes, building 377 which was the highest of any housing association in England.

We also strengthened our liquidity position by securing a further £275m of funding to enable the delivery of more affordable homes and this will be aided by the 
maintenance of our sector leading 
A2 and A+ credit ratings with Moody’s and S&P Global Ratings. 
 
Chief executive Robert Nettleton said: “We’re really pleased to report another strong set of results in what was a very challenging year. 
 
Our primary focus throughout the past year was on the safety and wellbeing of colleagues and customers and so we are particularly proud to report increases in customer satisfaction, a reduction in arrears, and the highest number of social rented homes anywhere in England. All of this great work is supporting our existing customers to thrive and new and aspiring customers to secure a home that meets their needs." 
 
He added: “In addition to the headline results, we continue to invest in new technology platforms, and a series of measures to reduce our impact on the environment such as our new fleet of electric repairs vans, our first modular housing site in Gloucestershire, and the publication of our very first Sustainable Finance Framework to offer greater transparency and accountability around our work in this area.” 
 
Read our Annual Report and Financial Statements 2020 to 2021.

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