For-profit ReSI Homes reduces losses on increased turnover

For-profit private registered provider ReSI Homes has reported lower losses on increased turnover in its fourth year of reporting.

Last year, Places for People’s “socially conscious” fund manager, Thriving Investments, entered a partnership with asset manager Gresham House to take over ReSI Homes’ ultimate parent.

The parent company, now known as Gresham House Thriving Investments Residential Secure Income LP, was launched in May 2021 and invests primarily in shared ownership homes.

Results for the year ended 31 March 2025 showed pre-tax losses had dropped from £15.7m to £11.4m, while operating losses also dropped from £15.5m to £10.7m

Meanwhile, revenue stood at £45m, significantly up from £13.6m.

ReSI Homes became a ‘large registered provider’ in June 2024, surpassing completion of more than 1,000 affordable homes.

The business delivered 242 new social housing units in the year, bringing the total number of completed units owned to 1,195 homes.

It acquired 37 non-social housing homes during the year as part of a larger acquisition, but said it intends to sell all of these on the open market.

ReSI Homes’ EBITDA MRI interest cover was at 1,480%, compared with the peer group median of 122%. However, it noted that this reflected the company’s “primary use of equity investment rather than debt”.