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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