But turnover up at 58,000-home provider
Abri Group has reported a drop in surplus on the back of its merger with troubled housing association Octavia Housing.
The Hampshire-headquartered provider brought Octavia Housing, which is currently non-compliant with the regulator, into the group as a subsidiary on 18 December 2024.
It cited its “investment in Octavia’s recovery” as contributing to a drop in its operating surplus from £98.5m to £85m, which was also impacted by one-off costs such as the £7m cessation of a legacy pension scheme.
The 58,000 home provider’s pre-tax surplus stood at £467m, owing to the merger with Octavia, which is recognised on the income statement as a gift. Absent this, pre-tax surplus stood at £30.4m, down from £55.8m.
“Our rescue and recovery of Octavia Housing has understandably been reflected in this year’s financial performance,” Gary Orr, Abri group chief executive said.
“But we remain highly robust and able to continue our longer-term pursuit of quality homes and services for our residents and customers.”
He said Abri was “committed to protecting Octavia Hill’s legacy” and that its results demonstrated “continued financial strength and resilience”.
New housing deliveries stood at 788, down from 821, but sales were up from 288 to 601. Its in-house construction team, Abri Build, delivered 94 homes and has another 297 under construction. It aims to build 250 a year by 2026.
>> Read more: Abri more than half way to meeting 10,000-home build target
EBTIDA MRI dropped to 99.7% from 154.9%.
The group said it had invested a record £130m into its existing homes, up from £100m.
This included £4.6m into building and fire safety, £2.9m into making homes more energy efficient and £2.6m into tackling the root cause of damp and mould.
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