Interest cover and home completions also rise at Teeside-based provider

Housing association Thirteen Group has posted increased revenue and surplus in its latest financial results. 

Figures for the year ended 31 March 2025 show that turnover stood at £230.4m turnover, up from £207.3m, while operating surplus rose from £44.9m to £47.1m.

Net surplus was £34.1m, up from £29m, while EBITDA MRI interest cover of also increased to 159.4%, an improvement on 140.3% in the previous year.

thirteen

Source: Google

Thirteen Group’s offices in Middlesbrough

The Teesside-based housing association owns and manages 36,000 homes, providing housing and support services across England’s North East, Yorkshire and Humber regions

During the year, it invested £114.1m in existing homes, up from £109.2m, as well as £135.6m investment in new properties, marginally up from £133.8m.

It delivered 650 new homes in the year, up from 542.

>> Read more: Thirteen appoints chief investment and property officer in leadership restructure

>> Read more: Thirteen Group secures £30m loan from Natwest for retrofit programme

Chief resources officer, Jane Castor, said that the organisation had “put a lot of focus on embedding our new business strategy” during the year and that the results marked “a really strong start”. 

“We’ve hit new highs in how many affordable new homes we’ve delivered and how much we’ve invested in maintaining and improving our existing homes,” she said.

“We’ve achieved a healthy 17.6% increase in net surplus and were pleased to see that our financial resilience and capacity was recognised with a V1 rating by the regulator”.

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