North-west landlord boosts shared ownership income as it builds more than 1,000 homes in 2024/25
Torus has more than tripled its surplus and built its highest ever annual number of homes.
The north-west landlord in its annual financial statements for the year to 31 March, reported a surplus of £63.5m, up from £19.9m the year before. Its turnover increased from £245.6m to £277.1m over the same period.
The increased income was due largely to a £22.8m increase in social housing lettings revenue. However it was also boosted by a £7.1m increase in shared ownership first tranche sales income, from £22.7m to £29.8m.
The group built 1,003 homes in the year. This was its highest total to date, although it missed its target of building units equivalent to 2.7% of total stock, reaching 2.4%.
More than a third of the homes built, 343, were for shared ownership.
It said: “The shared ownership market remained resilient in 2024/25 despite the economic factors that affected the market as a whole. Due to the market volatility, Torus has been able to purchase property from volume housebuilders and offer these homes for shared ownership compared to the house builder offer of outright sale which is reflected in the increased turnover reported in the year.”
The group’s operating surplus excluding one-off costs, such as interest and refinancing charges, more than doubled from £30.2m to £68.9m
Torus spent slightly more on existing stock in the year overall, at £110.7m compared to £109.5m in 2023/24. It spent £13.3m more on capitalised work but this was offset by £12m drop in repairs work charged to revenue.
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