Home
Group Limited
Trading update including final results for year ended 31 March
2024
Home Group Limited (Home Group) issues
its trading update for the twelve months ended 31 March 2024
including final results.
Commenting on the results, Helen
Meehan, Chief Financial Officer said:
"In the year to 31 March 2024, the
external business environment remained challenging. High interest
rates and inflation have maintained pressure on finances, along
with an unprecedented demand for our responsive repair and
maintenance services. Despite these challenges, and through careful
financial management, we can see some promising signs of recovery
and we delivered a surplus before tax of £23.2m for the year, ahead
of our target.
We have very recently concluded our
annual review with Standard and Poor's (S&P) and were pleased
to see our rating retained at A- with stable outlook. This
follows on from our In-Depth Assessment from the Regulator of
Social Housing in March 2024 where our governance and viability
rating was reaffirmed at G1:V2. These two external assessments
provide assurance to our stakeholders that we are effectively
managing the financial challenges that face us.
Over the last year, we continued to
invest heavily across the business in ensuring our existing homes
meet our Home Group standard and building new affordable homes. We
invested £149 million improving and maintaining our customers'
homes reflecting our commitment to upgrading our portfolio. We also
delivered more than 900 new affordable homes including the first
handovers at our major regeneration project in the London borough
of Barnet. The wider regeneration project will deliver over 750
much-needed homes for the community, over half of which are
affordable.
Our customers and communities are at
the forefront of our planning and this year we will start to
establish a new regional model of service delivery. This will allow
us to work more locally, focus on local partnerships, and
prioritise those areas where customers have told us that
improvements need to be made. The new regional model will bring us
closer to understanding not only the customers, but also the
diverse communities we serve, enhancing the customer
experience."
The full trading update, the group
financial statements for the year ended 31 March 2024 and the
latest rating report from S&P are available on the Investor
Relations page of our website:
https://www.homegroup.org.uk/about-us/corporate/investor-relations-centre
For further information, please
contact:
Steve Hallowell
Director of Treasury and Investor
Relations
M: 07736 097160
Email: steve.hallowell@homegroup.org.uk