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Major landlord delivers highest number of homes to date in single financial year but cash more than halves
Large Southern housing association Abri delivered what it said was a record total of 1,017 new homes in the 2022-23 financial year, but its cash more than halved.
It was the highest number of completions to date for the South of England-based landlord, which now manages a total of around 35,000 homes.
Of those new homes, 233 were delivered through joint ventures, with just nine of the remaining 784 units delivered by Abri alone being for market sale.
Income from first tranche sales contributed £45m, an increase of £12m, while market sales reduced by £5m to £3m in the year.
As part of the landlord’s wider asset management plan during the year, it highlighted a programme of disposals on existing stock that drove a £5m increase in the surplus generated on the disposal of its fixed assets.
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Elsewhere in the accounts, the landlord’s turnover increased £20m to £264m, with a surplus before tax of £44m.
Income from rentals increased by £12m and property sales by £6m during the last financial year, but it finished the period with £65m in cash, down from £151m in the previous year.
Its EBITDA MRI interest cover measure was down just over 16% to 140.9%, and its total loans and borrowings were around £1.23bn, a slight increase on the year before.
In 2022-23, Abri made its largest ever investment in its existing stock during the year – of £85m, which is being used to retrofit homes, continue fire safety works and tackle issues such as damp and mould.
Over the next 10 years Abri said it plans to invest £485m to maintain the quality of its existing homes.
Caroline Moore, chief financial officer at Abri, said: “With a challenging operating environment, I’m delighted with Abri’s performance, we remain a strong and resilient organisation. This puts us in a great position to continue delivering our corporate objectives.
“Our customers continue to face the pressure of the cost of living. Over the next financial year our priority remains on supporting our customers to sustain their tenancy, investing in our existing homes and building more affordable housing.”
In March, the landlord announced that it was in merger talks with smaller Berkshire-based Silva Homes, which would see it become a subsidiary of Abri.
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