Peabody Group reports £1.03bn turnover in unaudited results

LONDON - Peabody Group announced Friday its unaudited financial results for the year ended March 31, 2025, reporting a turnover of £1.035 billion, up from £989 million in the previous year.

The housing association’s net rental income from social housing properties increased to £805 million, with other income of £230 million remaining similar to last year. The group maintained a 99% rent collection rate with average social rents at £147 per week.

Peabody’s social housing margin stood at 19%, while its operating margin after impairments and provisions, excluding sales, was 23%. The overall operating surplus for the year is expected to be £220 million, down from £244 million in 2024, with an operating margin of 21% compared to 23% last year.

Sales revenues from market sale and first tranche shared ownership sales decreased to £104 million from £130 million in 2024, with a margin of £11 million or 10.2%. The company noted that exchanged sales at Wornington Green in Kensington, worth £73 million, originally expected to complete this year, are now anticipated to complete by the end of July 2025.

During the year, Peabody invested £430 million in property maintenance and improvements, including £231 million in capital expenditure. The group delivered 1,010 new homes, with 626 designated as affordable housing units. Investment in new home development totaled £333 million.

Financing costs increased by £6 million to £182 million, reflecting higher borrowing levels and elevated interest rates. The company maintains a strong balance sheet with fixed assets exceeding £12 billion and gearing just over 40%.

Peabody reported having over £1.1 billion in cash and undrawn facilities available, with 73% of its borrowing on a fixed rate basis. The group is currently rated G1, V2 by the Regulator of Social Housing.

The company’s half-year tenant satisfaction measures showed a small improvement of around 1% across various areas compared to the previous year, with overall service satisfaction at 58.7%.

This article is based on information from Peabody Group’s press release statement regarding its unaudited financial results.

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