G15 landlord nearly doubles completions as it seeks to attract further funding from institutional investors
Hyde Group has reported a 36% increase in annual turnover following the group’s expansion through acquisitions.
The G15 landlord, in its annual financial statement for the year to 31 March, reported turnover of £634.9m compared to £465.6m the year before. It also reported a jump in total ‘revenue’ including gross proceeds from strategic asset sales and joint venture activities of £992.3m, up from £573.7m.
The accounts cover the first full year of trading since Tower Hamlets Community Housing and property management services firm Pinnacle joined the group. Hyde now owns or manages 130,000 homes, an increase of 12,000 year-on-year.
Pinnacle contributed £214m to Hyde’s turnover, up £128m on the previous year’s figure. The group’s total surplus rose from £69.1m to £75m. Its operating surplus dropped from £123m to £70.6m, following adjusting items of £45.6m. These included impairment of housing properties and inventory costs of £28.1m, operational and system integration costs of THCH of £3.5m, contract impairments and provisions of £5.2m and other costs relating to the integration.
Hyde completed 1,142 homes in the year, nearly double the 602 it completed in 2024/25. It also increased its homes started from 519 to 666.
The year saw Hyde in March announce a 50/50 partnership with Legal & General, launching with a portfolio of more than 1,000 social rented and shared ownership homes, with the ambition of further significant joint investment. The group, which in 2022 became the first to register a for-profit, this summer registered four more for-profits with the regulator as it seeks to attract funding.
In its accounts it said: “Grant funding alone won’t enable us to build the affordable homes the country needs. We’ve taken an innovative approach to funding over the past few years, forming partnerships with institutional investors.
“Institutional capital has a growing appetite for housing and we want to work with more partners to deliver thousands of affordable homes over the next five years, while generating stable, inflation-linked returns, for both ourselves and our partner investors.”
“All commercial profit is reinvested in building more affordable homes and improving existing ones.”
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