Street Calls of the Week
LONDON - London & Quadrant Housing Trust (L&Q) invested a record £371 million in its maintenance program during the financial year ended March 31, 2025, according to financial statements published Wednesday.
The housing association completed 2,316 new homes during the period, making it the sector’s largest builder of new homes for the sixth consecutive year. Of these completions, 81% were designated for social housing tenures.
L&Q reported an operating surplus of £377 million, up from £333 million in the previous year, while EBITDA MRI increased to £371 million from £343 million. Turnover decreased slightly to £1.11 billion, with 70% generated from core social housing lettings activities.
The organization maintained stable net debt at £5.4 billion and available liquidity of approximately £1 billion.
The financial results come as L&Q continues its £3 billion, 15-year Major Works Investment Program, now in its third year. During the reporting period, the organization replaced over 10,400 housing components, including kitchens, bathrooms, windows, and roofs, while also conducting fire safety works.
"L&Q has a clear strategy to simplify our business, prioritize L&Q’s core purpose as a social housing provider, and generate additional financial capacity to invest in new and existing affordable housing," said Ed Farnsworth, Executive Group Director, Finance, in the press release statement.
The organization is progressing with its balance sheet restructuring, including the previously announced sale of L&Q Estates in August 2024 and ongoing plans to sell its private rented sector business. L&Q has also entered into a contract to transfer 3,500 homes in South Buckinghamshire, subject to resident consultation and regulatory approvals.
L&Q maintains regulatory ratings of G2 for governance, V2 for financial viability, and C2 for the new consumer standard.
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