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LONDON - Hastoe Capital Plc reported a £4.6 million surplus for the financial year ended March 31, 2025, up from £3.9 million in the previous year, according to a press release issued Monday.
The housing association maintained its operating margin at 40%, while its core social housing lettings margin improved to 38% from 35% a year earlier. The company attributed the increased surplus to cost control measures that kept expenses below rent inflation levels.
Turnover from social housing lettings rose 8% to £36.7 million, primarily driven by inflation-linked rent increases, with minimal contribution from newly built homes due to low development activity in recent years.
Operating costs for social housing lettings increased by 5% to £22.9 million, despite including a £0.5 million impairment provision for three hostels expected to be sold. The company cited improved controls on responsive maintenance expenditure and savings on renewable heating systems servicing as factors in the relatively modest cost increase.
First tranche sales generated £1.2 million in turnover with an 18% margin, down from £2.6 million and a 25% margin in 2024. The company reported no open market sales during the year.
Hastoe’s EBITDA MRI (earnings before interest, tax, depreciation, amortization, major repairs included) interest cover improved to 1.1 times from 0.9 times, partly due to reduced capitalised major repairs of £3.9 million compared to £5.6 million in 2024.
At year-end, the group had committed debt funding of £264 million and available liquid resources of £35 million, consisting of £1 million in cash and £34 million in undrawn loan facilities. The company stated these resources are sufficient to meet its committed expenditure.
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