Financial strength
Credit ratings
A3 stable - Moody’s rating (Confirmed November 2023)
Financial summary
£92mturnover |
£764mTotal assets |
£0.25mValue for Money savings |
£50mNew long-term funding secured |
|
Assets |
£’000 |
|
Housing properties |
700,217 |
|
Other fixed assets |
1,346 |
|
Investment properties |
31,996 |
|
Intangible assets |
170 |
|
Current assets |
30,340 |
|
Total |
764,069 |
|
Financed by |
£’000 |
|
Debt |
349,763 |
|
Pension liability |
853 |
|
Reserves brought forward |
344,433 |
|
Creditors (excluding debt) |
40,455 |
|
Surplus for the year |
28,565 |
|
Total |
764,069 |
|
Group financial performance three-year summary |
2023 £’000 |
2022 £’000 |
2021 £’000 |
|
Total turnover |
91,535 |
85,858 |
74,943 |
|
Cost of sales |
14,010 |
12,031 |
5,821 |
|
Operating costs |
53,999 |
50,994 |
48,374 |
|
Surplus on disposal of property, plant and equipment |
3,299 |
2,397 |
1,764 |
|
Operating surplus/(deficit) |
26,825 |
25,230 |
22,512 |
|
Comprehensive income for the year |
28,565 |
9,109 |
6,820 |
|
Fixed assets |
733,729 |
703,840 |
660,281 |
|
Net current assets |
13,813 |
21,479 |
18,622 |
|
Creditors – more than one year |
373,691 |
365,191 |
328,896 |
|
Revenue reserve |
189,236 |
160,368 |
150,917 |
Read the full Annual report and financial statements for 2022-23 here.
Value for Money
|
Metric |
2022/23 |
*Restated 2021/22 |
**Peer group average 2021/22 |
Sector scorecard 2021/22 |
2023/24 Targets |
|
Reinvestment |
6.29% |
7.25% |
8.0% |
7.0% |
8.90% |
|
New supply delivered – social housing |
2.13% |
2.36% |
2.10% |
1.60% |
2.12% |
|
New supply delivered – non-social housing |
0.06% |
0.20% |
0.10% |
0.50% |
0.06% |
|
Gearing |
48.15% |
48.57% |
52.30% |
45.50% |
49.00% |
|
EBITDA MRI ^ |
147.43% |
139.09% |
156.10% |
164.60% |
151.00% |
|
Headline social housing cost per unit £ |
£4,069 |
£3,670 |
£4,115 |
£4,377 |
£4,596 |
|
Operating margin – social housing lettings only |
26.81% |
27.86% |
29.50% |
24.50% |
30.19% |
|
Operating margin – overall |
25.70% |
26.59% |
27.80% |
21.40% |
29.50% |
|
Return on capital employed (ROCE) |
3.59% |
3.48% |
3.60% |
3.30% |
3.62% |
* Restatement following the separate classification of abortive scheme costs
** Our peer group consists of, BPHA, Futures Housing Group, Settle, Stonewater, PA Housing, Longhurst Group, East Midlands Group, Greatwell Homes, Paradigm Housing and Nottingham Community Housing Association
^ During 2021/22, loans with Nationwide and Newcastle were refinanced triggering early repayment breakage costs of £4.37m. Excluding the breakage costs the EBITDA MRI metric for the year would have been 179.38%.
Sector scorecard
|
Metric |
2022/23 |
Restated 2021/22 |
Sector scorecard 2021/22 |
|
Customer satisfaction |
4.0 |
4.4* |
N/A |
|
Investment in communities |
£1.0m |
£1.0m |
N/A |
|
Occupancy |
99.18% |
99.07% |
99.5% |
|
Ratio of responsive to planned maintenance spend |
0.70 |
0.73 |
0.70 |
|
Rent collected |
99.85% |
99.44% |
100% |
|
Overheads as a % of adjusted turnover |
12.37% |
12.99% |
14.9% |
*Grand Union now monitors customer satisfaction through the Rant & Rave platform. The score is out of a possible 5.
Contact details
Mona Shah
Executive Director of Finance & Business Services
mona.shah@guhg.co.uk
Chris Bellamy
Director of Finance & Treasury
chris.bellamy@guhg.co.uk
0333 015 2065