You are viewing 1 of your 1 free articles
Large Welsh landlord increases spending on new homes by £30m
The largest housing association in Wales has reported a £30m annual increase in spending on new homes.
According to its latest accounts, Pobl invested £100.5m on new homes in the year to the end of March 2023, up from £70.9m in the previous year.
The 18,000-home landlord completed 364 new homes in 2023-23, the same as the previous year, but it has increased the number of homes in its development pipeline from 600 to 2,900.
Turnover was broadly the same year on year at £169.8m, while the Newport-based landlord’s surplus before tax decreased £4m to £7.9m.
READ MORE
Spending on its existing homes increased by £1m to £33.5m. Over the next year, this figure is expected to increase to more than £44m thanks to £12m in grant income.
Earlier this month, Pobl announced a £100m sustainability-linked loan from Lloyds Bank to help it meet its targets on energy ratings for new homes and invest in retrofitting its existing properties.
The multimillion-pound investment will also go towards building significant numbers of new affordable homes over the next four years.
Elsewhere in its latest accounts, Pobl reported a slight fall in its operating margin to 14.6%, as well as a year-on-year fall in its interest cover from 215% to 160%.
In their joint forward to Pobl’s accounts, group chair Julia Cherrett and group chief executive Amanda Davies highlighted the impact of the Renting Homes (Wales) Act 2016.
They said: “Much effort went in right across the group to prepare for new legislation that will make a difference to relationships with our customers.”
In acknowledging some of the wider labour and supply chain pressures facing the sector, the senior leaders said: “Issues currently impacting the construction sector are well documented and, as a responsible partner, we have taken a proactive approach to supporting our supply chain partners, which has been well received.”
Sign up for our Wales newsletter
New to Inside Housing? Click here to register and receive our Wales round-up straight to your inbox
Already have an account? Click here to manage your newsletters
Sign up for the Social Housing Annual Conference and Inside Housing Development and Regeneration Summit
New for 2023, the Social Housing Annual Conference is joining forces with the Inside Housing Development and Regeneration Summit.
Join 600 attendees with a shared vision of planning and funding the strategic future of their business and the delivery of quality, affordable homes. If you work within a leadership or development role in the housing sector then this is the must-attend event of the year.
