Finance meets purpose
To meet the investment needed to make millions of existing homes safer, warmer, more energy efficient and cheaper to run, alongside the delivery of new social housing, we rely on funders and other stakeholders to support us.
Our long-term financial plan ensures covenant compliance, establishes financial risk appetite and sets an envelope for investment in new homes.
Key Financial Indicators
Please see below our key financial indicators and value for money metrics:
|
|
2023/24 |
2022/23 |
2021/22 |
|
Number of homes |
79,820 |
78,760 |
77,178 |
|
Turnover |
£609m |
£642.3m |
£592.4m |
|
Turnover from Social Housing |
£401.4m |
£481.1m |
£448.8m |
|
Operating Surplus |
£108m |
£136m |
£165m |
|
Lender Interest Cover |
190% |
203% |
204% |
|
New Homes Spend |
£257m |
£269m |
£300m |
|
Investment in existing homes |
£247m |
£186m |
£102m |
|
Total Borrowings |
£3.2bn |
£2.9bn |
£2.7bn |
|
Committed facilities |
£4.0bn |
£4.2bn |
£4.0bn |
Regulator of Social Housing - Value for Money metrics
|
|
2023/24 |
2022/23 |
2021/22 |
|
Investment in property % |
5.8% |
7.3% |
7.2% |
|
New supply delivered % |
0.7% |
1.5% |
1.1% |
|
Gearing % |
49.9% |
47.8% |
46.5% |
|
EBITDA-MRI interest cover % |
38.7% |
72.3% |
117.9% |
|
Social Housing cost per unit |
£6,844 |
£5,544 |
£5,052 |
|
Operating Margin |
12.4% |
13.9% |
20.8% |
|
Return on Capital Employed |
1.7% |
2.2% |
2.7% |
|
Rent Arrears |
4.7% |
4.7% |
4.4% |
|
Customer Satisfaction |
67% |
72% |
82.4% |
|
Ratio of responsive to planned repairs |
0.28 |
0.53 |
0.52 |
|
Rent collected (General needs) |
98.9% |
98.8% |
99.6% |
Credit rating and regulatory rating
A3 StableMoody's Credit Rating |
A NegativeFitch Credit Rating |
G1 |
V2 |
