Full accounts published for 109,000-home landlord
Peabody has reported an 18% drop in its total surplus.
The housing association giant, in its annual financial statements for the year to 31 March, revealed its total surplus for the year was £47m, down from £57m the previous year.
The group also confirmed multiple figures previously indicated in an unaudited trading update in June. Including a fall in its operating surplus, excluding one-off items, from £244m to £220m.
The group said its cost of managing and maintaining its social homes increased as overall maintenance rose by £30m, due to demand and a bigger programme of planned cyclical works. This includes a £25m increase in routine works and £5m more on planned works.
Peabody spent £431m in total on existing homes, up from £371m the previous year and exceeding its target of £413m.
The surplus figure was also impacted by increased management costs and by the previous year’s operating costs being £20m higher due to on-off credits and depreciation charges. Peabody’s overall operating margin fell from 17% to 14%
Peabody confirmed its turnover has broken the £1bn barrier, increasing from £989m to £1.03bn, this included a £66m increase in income from social housing lettings.
The group’s market sale and first tranche shared ownership sales income fell from £102m to £50m.
As previously indicated, Peabody’s starts fell by two-thirds as it pivoted to focus more on existing stock. It confirmed it started work on 393 new homes - in 2024/2025, down 74% on the 1,157 starts reported for the same period the previous year.
The group’s completions dropped from 1,381 to 1,010. This means development output has more than halved since the 2,399 completions reported by the housing association giant in 2022/23.
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