Hyde has reported large increases in its surplus and turnover but missed its target for completions.

The G15 housing association, in its annual financial statement for the year to 31 March, reported turnover of £465.5m, up a third from £350.9m the previous year.

The turnover figure includes £86.4m from property management services firm Pinnacle which was acquired by Hyde in November and operates as a subsidiary.

Turnover was also boosted by £25.2m in increased operating income and £1m in revenue from shared ownership first tranche and outright sales. This was offset by a reduction of £12m in joint venture income and £19.4m in property sales.