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

  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