Curo reports drop in turnover but returns to surplus

Curo has reported a drop in turnover due to a fall in private housing sales, but returned to a surplus after recording a deficit last year.

In financial results for the year to 31 March 2026, the 14,000-home provider recorded turnover of £144.8m down from £151.3m.

It attributed this to a “reduction in private sales proceeds from housebuilding activities within Curo Enterprise Ltd”.

It made £34.1m from open market property sales in the year, down from £45.5m.

The Bath-based organisation also recorded a return to net surplus of £7.5m.

In the previous year, Curo had recorded a deficit of £6.5m, owing to £16.3m of “one-off accounting adjustments relating to the impairment of Curo Enterprise’s stock held for sale coupled with pension charges following our exit from the Social Housing Pension Scheme”.

Curo also posted an improved operating surplus of £22.1m, up from £8.4m. 

However, both operating surplus and net surplus remained below 2024 levels, when they had stood at £28.7m and £13.6m. 

During the year, Curo acquired 140 new social homes, 28 less than originally targeted, mainly due to construction delays at Imperial Park Bristol. It also completed 91 new market sales homes.

The group has agreed to deliver a further 945  affordable homes and 549 private sales homes over the next five years.

The West of England landlord is currently engaged in merger talks with Abri Group limited. 

A full business case is being formulated, which, if adopted by the two boards, would create a 73,000-home provider.