G15 landlord continues to “progress sale” of PRS business Metra Living
L&Q has increased its completions in the first quarter of 2025/26.
The housing association giant, in an unaudited trading update today, said it completed 563 homes in April to June, up from 353 for the same period last year.
The increase comes despite the 105,000-home association scaling back development recently to focus on investing in existing stock. It completed 2,316 homes in 2024/25, down from 2,955 the previous year and has set a lowered target of 2,189 for 2025/26.
Today’s update shows turnover for the quarter has dipped slightly year-on-year from £273m to £271m but its operating surplus increased from £12m to £120m.
The group’s EBITDA-MRI interest cover also improved from 179% to 217%.
Ed Farnsworth, executive group director, finance, at L&Q said the organsiation is on track to deliver 9,000 home improvements this year through its major works investment programme.
>>See also: L&Q executive director to leave as part of leadership restructure
>>See also: Leading the pack: an interview with L&Q’s Fiona Fletcher-Smith
He said L&Q is continuing to progress the sale of its private rented business Metra Living and the sale of 3,500 homes in south Buckinghamshire to Paradigm. “Both are part of a clear strategy to simplify our business and focus on areas where we have the greatest concentration of homes, enabling us to provide more efficient and better value services for residents,” said Farnsworth. L&Q is focusing on stock in its core areas of London and Greater Manchester.
The group also last month announced plans to combine its property services and development and sales departments in a restructure designed to enable a more holistic approach to managing housing quality. Vicky Savage, executive group director for development and sales, will depart the G15 landlord in August.
No comments yet