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LONDON - Saxon Weald Group, a UK housing association, reported an unaudited surplus of £5.6 million for the fiscal year ending March 31, 2025, compared to a deficit of £2.0 million in the previous year, according to a trading update released Wednesday.
The housing provider, which owns and manages 6,939 homes, posted a turnover of £58.6 million, up from £56.8 million in the prior year. Social housing lettings accounted for 91% of total revenue, an increase from 88% in 2024.
Operating surplus including asset sales reached £18.8 million, slightly higher than the £18.6 million recorded in the previous year. The operating margin on social housing lettings was 22%, compared to 21% a year earlier.
The group reported an overall operating margin of 32% including asset sales, down from 33% in 2024. Excluding asset sales, the operating margin stood at 24%, a slight decrease from 25% in the previous period. Net margin on shared ownership first tranche sales declined to 18% from 28% a year earlier.
Saxon Weald’s debt ratio improved to 51% from 57% in 2024, while return on capital employed was 4.3%, compared to 4.4% in the previous year.
Michael Chinn, Executive Director of Finance & Governance, noted that the company focused on service improvements and operational effectiveness during a year of "continued challenges for our customers with sustained high cost of living." He highlighted improvements in empty homes turnaround time and repairs service, with customer satisfaction reaching 81.4%, up from 80.4% in 2024.
The company maintained its Moody’s credit rating of A3 with a stable outlook as of January 2025.
The trading update contains unaudited figures released for information purposes only, based on the company’s press release statement.
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