Southern Housing has posted a surplus of £5m for the year to 31 March.

The G15 landlord, in its financial statements, revealed it has moved back into surplus following a deficit of £28m the previous year that was largely due to a £30m loss from fair value movements of property and investments.

However, the group’s operating margin was 12%, below its target of 18%. Southern said was due to “several material adverse costs”, including write-downs, impairment charges and rising maintenance spend.