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Our Performance Updates are aimed at ensuring our investors and other stakeholders receive regular, timely information regarding the performance of the Group. We will publish these reports on a quarterly basis and will produce them within six weeks of the relevant quarter end. The information included is based on unaudited management accounts and other internal performance measures.
FINANCIAL PERFORMANCE: QUARTER THREE RESULTS
The management accounts of Great Places Housing Group (the Group) show year to date surplus of £15.3m, £2.1m better than budget. Turnover in the period (all income including property sales) was £103.0m and operating surplus £35.2m.
The main savings were interest £1.0m, due to interest rates lower than budget and effective management of liquid cash and revolving credit facilities, and property sales surpluses overall being £0.7m higher than budget. Other variances included overhead savings like bad debt expense lo