Turnover steady at 39,000-home provider
Together Housing has reported a return to surplus in its latest financial results.
Group accounts for the year to 31 March 2025 showed a pre-tax surplus of £21m, following a deficit of £12.5m in the previous year.
Operating surplus at the 39,000-home provider was also up from £5.26m to £47.6m, while turnover was level at £242m, of which £210m was from social housing lettings.
The group, which is based in the North of England, developed 564 homes in the year, well down from 1,038 in the previous year, while investment in existing stock also declined marginally, from £75.6m to £72.8m.
This amounted to a reinvestment level of 11.4%, which the provider said roughly matched its sector peer group (11.2%) while being below its targeted 12.9%.
“The 2024/25 target was an ambitious target and reflected our commitment to improve our existing stock and although we did not meet the target our performance is in line with the sector peer median quartile for last year,” the report said. This year’s target is set at 9.6%.
The starkness of the drop in new home development was the result of an overperformance in the previous year and underperformance in this set of results due to “slippage into the next financial year”.
EBITDA-MRI interest cover improved, from negative 109.2% in the previous year to positive 47.6%, which was well above target and attributed to “decreased R&M costs (materials and subcontractors), decreased major repairs costs and higher interest receivable”.
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