Group continues to increase spend on existing stock
L&Q has announced a 7% increase in completions for the nine months to 31 December.
The 110,000-home housing association, in an unaudited update today, said it completed 1,506 homes in the period, up from 1,410 in the same period last year.
The increase is despite L&Q setting a lowered development target of 2,069 completions for the full year, which would be down on the 2,316 it completed last year.
L&Q continues to pivot towards investing more in improving existing stock with maintenance spend rising from £253m to £285m.
The group’s turnover dropped from £803m to £764m, as its sales income fell by £39m. Its total surplus nearly tripled from £50m to £138m due to one-off costs in the previous period but its operating surplus excluding non-recurring items fell from £342m to £299m
L&Q said it is projecting an operating surplus of between £340m to £360m for the full year, which compares to £377m in 2024/2025.
L&Q said: “L&Q’s unaudited Q3 results reflect ongoing delivery against our corporate strategy, with a continued emphasis on long-term investment in the quality of our existing homes through our £3bn, 15-year Major Works Investment Programme and extensive building safety and inspection programme”.
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