But pre-tax surplus drops
Turnover has risen 10% at Jigsaw Homes Group.
According to financial statements for the year ended 31 March 2025, the figure increased from £215m to £236m.
The group, which operates primarily across the North West and East Midlands, reported steady operating surplus £56.3m, up marginally from £56.2m the year prior.
However its pre-tax surplus dropped from £21.5m to £17.6m.
EBITDA-MRI interest cover was also down on the previous year at the 38,000-home provider. The 134.9% figure was down from 137.1% the previous year, although it beat its target 117.7%
The group cited the impact of “pressure to invest in the existing stock, for building safety, energy efficiency and stock decency” on operating costs as contributing to its reduced interest cover metric, as well as high inflation and borrowing costs.
>>See also: ‘We have a reputation for getting things done’ – Talking growth with new Jigsaw boss Brian Moran
The group delivered 828 new homes during the year, working in partnership with local authorities and contractors.
But its starts on site, which it describes as a key performance indicator, stood at 278, below the target of 295.
As of 31 March 2025, 1,140 properties were on site.
Jigsaw also revealed in its accounts that it did not expect to receive its first rating against the regulator’s consumer standards until 2027.
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