We’ve reported a net surplus of £50 million in our latest trading update for the year ended 31 March 2026.
The net surplus of £50 million is £15 million higher year-on-year, driven primarily by asset disposal gains ahead of target.
As well as the surplus, we secured £115 million of new and extended funding during the year and invested £53 million in our existing homes.
Yasmin Holley, Chief Finance Director, said: “The full-year results continue the positive trend reported at the end of Q2, with strong performance across our core operational areas and a final outturn exceeding the budgeted expectations.
“Our unaudited operating surplus of £80 million represents a £6 million increase on the prior year, and we continue to maintain headroom against banking covenants and have strong liquidity.
“These results are really positive for us and will enable us to go further and do more for our customers.”
In the year, we recorded a turnover of £292 million in the financial year. We also completed 283 new home sales, generating £27 million of sales income.
Rob Griffiths, Deputy Chief Executive, added: “Against a challenging macro-economic backdrop, we’ve delivered a strong set of financial results, outperforming targets for the year.
“We’ve continued to invest in improving our existing homes and built 909 new homes, down slightly on our target due to delays on two key sites.
“Our merger integration plan remains on track for completion in the year ahead. Core back-office systems were fully integrated during the year, and team restructures have been completed.
“This financial year, we’re focused on delivering our Corporate Plan priorities, including our Purposeful Impact programme.
“Developed in collaboration with customers, our budget for the current financial year includes an extra £2.3 million of investment, realised through merger efficiencies, to improve homes, services and opportunities for our customers.”
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