Surplus up following increase in disposals
Stonewater’s completions have fallen by 28% year-on-year, which it said was due to phasing of its development programme.
The 41,000-home national landlord, in its annual financial statement, said it completed 741 homes in the year to 31 March, down from 1,029 the previous year. The group missed its target for increasing supply of social housing.
The provider, which operates in more than 130 local authority areas, missed its target for new supply of social housing with its total equivalent to 2% of existing stock rather than 2.8%.
It said, however, that delivery remained strong.
“While lower year-on-year, this reflects programme phasing rather than reduced pipeline strength, which remains healthy,” it said.
“New supply delivered for social housing units remained in the upper quartile score of the peer group.”
Stonewater’s remained flat at £305.5m, compared to £306m the previous year. A 6.1% increase in social housing lettings income to £281.4m was offset by a £12.7m fall in shared ownership first tranche sales income.
The group’s overall surplus rose 29% from £11.9m to £15.4m. Its surplus on sale of fixed assets rose by £8m to £20.2m. This was made up of £15m of disposals and £5m from staircasing.
Stonewater’s EBITDA-MRI interest cover was 96.7%, exceeding its target of 76.9%. Its operating margin dipped slightly from 18.9% to 17.9%
The group’s overall satisfaction with services was 76%, the same as last year. However its responsive repairs satisfaction fell from 75% to 70%. Jonathan Layzell, chief executive of Stonewater, said repairs, complaints and service consistency “remain key priorities” and the group is “taking action to improve performance and ensure that customers feel heard, respected and well served.”
Layzell added: “Over the past year, we have made tangible progress. We have secured significant funding to support investment in our homes and services, while maintaining a disciplined approach to financial resilience in a challenging operating environment.
“We have continued to improve the energy efficiency of our homes and strengthened our approach to maintaining them. We are also making better use of data and technology to plan ahead, target investment and improve how we deliver services.”
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As we enter reporting season, Housing Today is tracking the financial statements of the largest housing associations in the UK.
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