Housing association built 89% more homes last year
Peabody has revealed increases in net surplus and turnover in unaudited results for the last financial year.
Results for the year to 31 March 2026 showed the 108,000-home housing association’s turnover had risen to £1.09bn, from £1.03bn the year prior.
Meanwhile, its net surplus more than doubled, from £50m to £107m.
The provider’s EBITDA figure, a measure of surplus before interest, tax, depreciation and amortisation, edged down from £307m to £302m. However, its EBITDA MRI measure, which takes account of major repairs, improved from £76m to £91m.
Peabody was hit during the year by £31m of exceptional items, including £37m on development scheme write-downs, which were partially offset by the release of longstanding credit balances.
EBITDA MRI Interest Cover was 40% compared to 34% the year before.
Completions were up 89%, from 1,010 to 1,911, with the provider investing £415m into its new homes programme.
These included 420 for social rent, 62 affordable, 390 London affordable rent, 627 shared ownership adn 412 open market sale.
It started on site with 288 new homes and currently has more than 5,000 in development.
Peabody spent £445m on existing homes during the year, including £211m of capital expenditure.
“These results show that we are continuing to focus our resources on improving homes and services, while also strengthening our financial performance and delivering on our social purpose,” said CEO Ian McDermott.
“We know that better homes, better services and financial resilience need to go hand in hand.
“We remain acutely aware of the overcrowding and homelessness challenges in London, and how important it has been to complete over 1,900 homes in the last year. We’ll continue to support the delivery of new homes and regeneration in and around London, and to seek new, innovative ways to help make that happen.”
The release comes ahead of its official annual report and accounts for the year, which will be published in the autumn.
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