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24 Sep 2025 13:00
A2Dominion returns to profitability and sharpens focus on core services
A2Dominion has reported a £116.4m surplus for 2024/25, reversing last year's £21m deficit, on turnover of £421.5m (up 5.5%). While underlying financial performance improved, this was assisted by a major sale of temporary accommodation to Westminster City Council, generating £102.2m, as part of a strategy to refocus on core customers and improve key services.
The housing association invested in service upgrades, including new repairs‑tracking technology, faster lift maintenance, and a refreshed Customer and Community Strategy.
Cost‑saving measures are beginning to stabilise operating costs, despite market‑driven valuation pressures. A2Dominion continues to work closely with the regulator on its road to recovery, with steady, year‑on‑year improvements to rebuild trust and ensure that all customers have a home they love to live in.
In property, the Group prioritised retrofit, regeneration, and redevelopment in high‑need areas, while still delivering 925 new homes across tenures, including key worker housing in Oxfordshire and further regeneration at Green Man Lane, Ealing.
Operational profitability increased, though valuations of freehold and investment properties fell due to market and economic pressures. A deferred tax credit offset some of these impacts. Cost‑reduction initiatives from recent years are beginning to stabilise operating costs, with further savings planned for 2025/26.
Ian Wardle, Chief Executive Officer at A2Dominion, said: "Our return to profitability marks an important milestone, but it's just the start of our journey. We have sharpened our focus on core services, investing in faster repairs, and stronger resident involvement to create lasting change. There's still work to do, and we're committed to steady, year‑on‑year progress so that we ensure everyone has a home they love with A2Dominion."
Key highlights from the report
· 38,000+ homes in management
· 70,000+ customers
· £19.6m generated in social value
· £11.4m in financial support to our customers
· £185.7m operating surplus
· £421.5m turnover
· £116.4m surplus
· Fitch A credit rating maintained
· £1.1bn of net assets
· 100,448 responsive repairs carried out
· 71.5% residents rated their repair 8 out of 10 or above
· £40.2m spent on day-to-day repairs and empty homes
· £50.3m invested to date on fire remediation
The full audited financial statements can be found in the following location: https://www.a2dominiongroup.co.uk/about/reports-and-accounts
Group statement of comprehensive income and expenditure | 2025£m | 2024£m |
Turnover | 421.5 | 399.6 |
Cost of sales | (82.1) | (86.5) |
Operating costs | (275.5) | (293.9) |
Surplus on sale of fixed assets | 116.5 | 27.4 |
Share of jointly controlled entity operating profit | 5.3 | 2.1 |
Operating surplus | 185.7 | 48.7 |
Operating margin | 44.1% | 12.2% |
Net interest charges | (64.9) | (61.5) |
Surplus/(Deficit) after interest charges | 120.8 | (12.8) |
Change in fair value of investments | (10.0) | 0.1 |
Movement in fair value of financial instruments | 2.1 | 2.5 |
Movement in fair value of investment properties | (12.9) | (14.5) |
Tax on surplus/(deficit) on ordinary activities | 16.8 | 4.6 |
Non-controlling interest | (0.4) | (0.9) |
Surplus/(Deficit) for the financial year | 116.4 | (21.0) |
Group statement of financial position | 2025£m | 2024£m |
Fixed assets and investments | 3,419.7 | 3,574.9 |
Current assets | 362.7 | 240.6 |
Creditors including loans and borrowings | (1,639.5) | (1,767.6) |
Deferred grant | (1,002.3) | (1,030.7) |
Non-controlling interest | (2.0) | (1.6) |
Net reserves | 1,138.6 | 1,015.6 |
A copy of the Annual Financial Statements will shortly be submitted to the National Storage Mechanism and be available to view. https://data.fca.org.uk/#/nsm/nationalstoragemechanism
Investors
For further information, please contact:
Dominic Smith - Treasury Operations Manager
A2Dominion Housing Group
113 Uxbridge Road
Ealing
London W5 5TL
Email: dominic.smith@a2dominion.co.uk
Media
For media enquiries, please email media@a2dominion.co.uk
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