Peabody has reported a 6% dip in turnover to £299m with a surplus of £67m for the six months ended 30 September.
Eamonn Hughes, chief financial officer at Peabody, said the reduction in revenue was offset by the housing association lowering its operating costs by 7.7% to £215m through asset management activities to deal with the impact of the pandemic.
He added that operating costs would rise again as Peabody’s “programme of post-lockdown catch-up on investment continues”.
It has £1.5bn in facilities and £55m in cash available to fund its pipeline of affordable homes.
Peabody’s sales turnover was down by 32% to £51m due to the make-up of completions in the period, but the firm said sales remained on target for the year.
The housing association also reported that it had seen an increase in rent arrears, which sat just below 2% of rent charged year-to-date at the end of September.
Peabody added that it had completed 501 homes during the period, compared to 447 last year, although new unit starts were down from 442 to 390.
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