But operating surplus and margins up as major housing association ‘balances ambition with financial discipline’
Riverside has increased its operating surplus and margin despite falling turnover.
The 75,000-home housing association, in its financial statements for the year to 31 March 2026, reported turnover of £679.5m, 9% down on the £686.1m reported for the previous year.
A £24m increase in social housing lettings income was offset by a £8.4m fall in shared ownership first tranche sales income and a £23m fall in earnings from non-social housing activity, including a £19.3m drop in open market sale proceeds.
The group’s total surplus fell from £9.9m to £6.6m, due largely to one-off movements in the fair value of investment properties and financial instruments totalling £11.6m. Its operating surplus excluding such one-off costs rose from £108m to £119.4m, bolstered by sub-letting nursing homes to a registered care provider and generating £6.1m in surplus through strategic disposals.
Riverside’s completions fell by a third from 980 to 659, although this was in line with its targets. It spent £89m on development and started 1,002 homes in the year against a target of 1,217.
Riverside last year issued a £250m bond, the proceeds of which it used to replay floating rate revolving credit facilities. It has improved its fixed to floating debt ratio from 75.6% to 84.3% and restructured smaller lending facilities under a plan to improve its financial resilience.
The group increased its spend on existing stock by £19m to £185.9m.
Paul Dolan, chief executive at Riverside, said: “This year has been about stabilisation and rebuilding momentum. We’ve applied disciplined financial management, made tough prioritisation choices, and kept a sharp focus on core performance. As a result, we have strengthened our underlying financial resilience while continuing to invest in the safety, quality and sustainability of our homes.”
Riverside in May announced plans to build 8,000 homes over the next decade alongside its new five-year corporate strategy.
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