Peabody has reported an 18% drop in its total surplus.

The housing association giant, in its annual financial statements for the year to 31 March, revealed its total surplus for the year was £47m, down from £57m the previous year.

The group also confirmed multiple figures previously indicated in an unaudited trading update in June. Including a fall in its operating surplus, excluding one-off items, from £244m to £220m.