Provider also increases new home completions
Pre-tax surplus was reduced at Moat in its latest financial statements, despite a rise in turnover and operating surplus.
The 23,000-home provider’s results for the year ended 31 March 2025 showed the figure stood at £12.2m in the period, down from £20.9m the previous year.
Moat said this was the result of “higher interest costs and fair value movement on financial investments”, the latter of which resulted in a £5.4m hit.
However, turnover for the year was £164m, up from £154m in the same period the year before, while operating surplus was up from £44.6m to £49m.
Core social housing lettings turnover grew 12.3%, driven by rental growth
A total of 478 new homes were completed during the year, up from 354. Of these, 369 (77%) were for rented and 109 for low-cost home ownership (23%).
Moat now has 1,192 new homes in the development pipeline. In partnership with Chartway, the organisation is developing 198 open-market sales at Frognal Lane in Kent.
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A total of £63m was invested in repairs, maintenance, decarbonisation and component replacements at existing homes in the year, with a further £81m invested in building new homes.
The housing association completed its decarbonisation programme, which upgraded 407 homes with a gross spend of £14m, partially funded by £500,000 from the Social Housing Decarbonisation Fund.
Remedial works have continued at Albertine Grove in Bromley, with an additional £36,000 expensed in the year and the total cost of defects and compensation now estimated at £1.4m.
The remedial work is expected to be completed in 2025/26 and Moat is exploring the potential recovery of costs from the developer.
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