Peabody Group (incorporating Peabody Trust, Peabody Capital
PLC, Peabody Capital No.2 PLC and TCHG Capital
PLC).
Peabody has today published its Annual
Report for the year ended 31 March 2024. The annual reports
have also been published for Peabody Capital PLC and Peabody
Capital No.2 PLC. The full report is available at
https://www.peabodygroup.org.uk/group-annual-report-2024/
Getting the basics right and investing in residents'
homes
The economic conditions of the past
year have presented significant challenges, but our values and
priorities are unchanged. We continue to focus on what matters most
to residents in 108,823 homes, improving homes and services across
our 140 neighbourhoods.
During the year, we spent a total of
£371m looking after residents' homes. We invested £200m improving
their condition and environmental performance and a further £171m
on routine and cyclical maintenance. This is in line with our plans
to spend over £2bn maintaining residents' homes over five
years.
We carried out 232,437 repairs during
the year, with a satisfaction rate of 80 percent.
Supporting residents
Our rents remain substantially below
market levels at an average of £137 per week. The annual subsidy
between our rents compared to market levels is £721m, a significant
benefit to our residents, communities and the economy as a
whole.
We invested a further £10m directly
into community activities during the year. Local organisations
benefited from £200,000 in grants and we provided 48,000 hours of
free activities as well as opening two new community spaces. Our
Financial Inclusion team received 2,400 referrals and helped
residents' increase their income by a combined £2.2m.
We also supported more than 26,000
customers through our care and support services.
New
homes and sustainable places
We completed 1,381 new homes (1,204
for affordable tenures). We have 5,800 homes under construction,
providing much needed places to live in Thamesmead, Holloway,
Dagenham and across London and the South-East.
Sustainability
With nearly 80 percent of our homes
rated EPC C or above, we're providing energy efficient homes that
help keep residents' bills down. Our carbon footprint increased due
to the emissions from the extra maintenance and retrofitting work
we carried out on residents' homes and better access to data. We're
committed to reducing this and are working towards becoming a
net-zero organisation.
Resilient finances
Despite challenging economic
conditions, we performed strongly with a turnover of £989m. Our
operating surplus for the last 12 months was £244m, enabling and
supporting current and future investment plans across London and
the home counties.
Our operating margin on social housing
lettings was stable at 23 percent, compared with 24 percent in the
previous year. Our overall operating margin before investment
property valuation was 25 percent, compared to 23 percent the
previous year. Careful stewardship of our development programme
enabled us to improve the margin on first tranche shared ownership
and market sales to 12 percent, up from 10 percent in the prior
year.
Ian
McDermott, Peabody Chief Executive, said:
"This last year has been full of
challenges, especially as we continue to feel the impact of higher
costs across the organisation. But true to our purpose, we've
continued to invest over £1m a day for residents this year,
maintaining and improving their homes and providing support in
local communities. I'm grateful to all my colleagues and our
partners who are working incredibly hard every day to help and
support residents."
On 2 September 2024 we welcomed Phil
Day to Peabody as our new Chief Financial Officer.
"I'm pleased to be joining Peabody at
such an important time for the organisation and the social housing
sector as a whole. These results show the strength and resilience
of the organisation.
"I look forward to being part of
Peabody's future as the Group continues to invest in residents'
homes and build new affordable homes where possible."
Contact: Anthony Marriott, Director of Treasury & Corporate
Finance or Ben Blades, Assistant Director Corporate
Affairs
