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LONDON - UK housing association Stonewater Funding Plc reported improved financial performance for the six months ended September 30, 2025, with increased income and operating surplus compared to the same period last year.
The organization posted an operating surplus of £39.3 million, up from £33.2 million in the first half of the previous fiscal year. Total turnover rose to £158.6 million from £152.8 million, while the overall operating margin improved to 23.0% from 20.6%.
Stonewater’s arrears levels fell to 3.9% during the reporting period, down from 4.8% in the previous year, despite ongoing economic challenges and inflation remaining above the Bank of England’s 2% target.
The housing association completed 257 new homes during the first half of the fiscal year, with 99.6% built to Energy Performance Certificate (EPC) Band B or above. The organization recently celebrated the completion of its 8,000th new build home since its formation in 2015.
Jonathan Layzell was appointed Chief Executive Officer on June 24, 2025, following a competitive recruitment process, while David Ripley became Chief Operations Officer on May 1, 2025.
Stonewater maintained its A- stable outlook credit rating from S&P, while receiving G1/V2/C2 ratings from the Regulator of Social Housing. The organization secured a new £100 million funding package to support ongoing development and refurbishment investments.
The housing association reported £333 million in cash and undrawn facilities against an 18-month liquidity requirement of £195 million. Capital investment in new homes totaled £78.7 million, while investment in existing homes reached £8.4 million.
According to the press release statement, Stonewater is positioned to participate in the government’s recently announced £39 billion Social and Affordable Homes Programme 2026-36, which requires 60% of homes to be for social rent.
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