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Home Group Limited

Home Group reports strong financial position

Home Group, one of the largest housing associations in the UK, has published its latest results in its financial statements for the year to 31 March 2021.

The financial year brought with it challenges with the uncertain broader economic situation due to both the pandemic and Brexit. Given this backdrop the group is pleased to report a good set of annual results and an ongoing strong financial position.

The top 10 UK housing association showed strong performance across key parts of its business, allowing it to deliver on its mission to build homes, independence and aspirations.

Headlines:

Turnover of £430 million

Surplus before tax of £28.8 million

Invested £84.4 million to maintain and improve customers' homes

Invested £159 million in development of new homes

Delivered 1,019 new homes during the year for rent and ownership

Following an In-Depth Assessment by the Regulator of Social Housing, we retained the highest governance and viability rating of G1/V1

Other highlights include:

Customer support

A priority at the outset of lockdown was making sure our customers felt safe and supported. More than 33,000 wellbeing calls were made by colleagues to customers in the first few months of lockdown.

As lockdown went on and started to impact jobs and livelihoods, our financial inclusion team worked tirelessly to support customers struggling to make ends meet.

In the first six months of the pandemic, the team increased payment arrangements for our customers by £165,000; increased customer income by £810,000; reduced customer outgoings by £125,000 and retrieved £25,000 of payments through backdated benefits.

Building the right homes in the right places

Despite lockdown halting construction for a significant period, we continued with our plans to deliver over 1,000 new homes per year. We achieved 1,019 homes by end of March 31, 2021. That was only slightly down on the previous year.

Decarbonisation

We committed significant investment to ensure we deliver our long-term roadmap to net-zero. We've developed a framework and detailed long-term plan to reach our targets by 2050.

Underpinning our approach to sustainability is the certification of our ISO 14001:2015 Environmental Management System. In December 2020, we achieved recertification with no non-conformances.

Earlier this year Home Group, along with Abri, Anchor Hanover Group, the Hyde Group and Sanctuary Group, formed The Greener Futures Partnership - a pioneering partnership based on the shared ambitions to lower emissions, reduce fuel poverty and improve living conditions for residents by creating sustainable, affordable, healthier and safer homes.Around the same time, Home Group agreed a deal with major energy provider SSE, which will see it use renewable electricity throughout its corporate offices. Over 2,500 meters will be converted from brown to green energy.

Last autumn, we launched a successful campaign to support customers who were in fuel poverty, or facing it, last winter. During the campaign, support from our financial inclusion team, in partnership with Agility Eco under the Connect for Help referral system, led to £250,000 in savings or income maximisation on energy related issues, which equated to £500 for each customer who went through the service.

John Cridland, Chairman of Home Group, said: "Every year, without fail it seems, there are challenges put in front of us - be they political, economic or social. And every year we rise to those challenges.

"However, this past year has challenged us like never before. Covid-19 has tested every inch of our business, our energy and resolve, our values and our strength of character.

"I'm proud to say that we've stood up to every test we've faced. Considering the unprecedented challenges we've faced, our performance has been exceptional."

Home Group Limited

Consolidated Statement of Comprehensive Income

For the year ended 31 March 2021